Why it matters: The chances of a recession caused by higher interest rates needed to fight inflation have declined.
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By the numbers:
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• Consumer spending rose 2.8% with strong increases for both goods and services.
• Business investment and residential housing both grew stronger than anticipated, increasing by 1.7% and 1.1% respectively.

Looking ahead: Growth this year may not be as strong as in 2023, but the economy should still grow at or above 1% in all four quarters.
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Dig deeper:

• What to Expect from the Economy in 2024