Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter
CBSN
The nation's economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households.
Thursday's report from the Commerce Department said the gross domestic product — the economy's total output of goods and services — decelerated from its sizzling 4.9% growth rate the previous quarter. But the latest figures still reflected the surprising durability of the world's largest economy, marking the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. Consumers fueled much of last quarter's expansion.
"Whichever way you slice it, this report caps a year of stellar economic growth performance, particularly with the backdrop of the Fed's aggressive monetary policy tightening cycle," Olu Sonola, head of U.S. regional economics for Fitch Group. "The momentum of economic growth going into 2024 is looking very good and presents an upside risk to growth going forward, despite widespread expectation of a slowdown in 2024. The Fed will likely not be in a hurry to cut rates, if the data continues to come in this hot."
Santa Fe, New Mexico — A representative for the estate of actor Gene Hackman is seeking to block the public release of autopsy and investigative reports, especially photographs and police body-camera video related to the recent deaths of Hackman and wife Betsy Arakawa after their partially mummified bodies were discovered at their New Mexico home in February.
A judge in Maryland has blocked for now the mass firings of probationary federal workers and ordered thousands of fired probationary workers to be reinstated, marking the second decision of its kind in a day.
In the past year, over 135 million passengers traveled to the U.S. from other countries. To infectious disease experts, that represents 135 million chances for an outbreak to begin. To identify and stop the next potential pandemic, government disease detectives have been discreetly searching for viral pathogens in wastewater from airplanes. Experts are worried that these efforts may not be enough.
Washington — Irish Taoiseach Micheál Martin said he hopes dialogue can resolve the trade war between the U.S. and the European Union after President Trump Thursday threatened to impose 200% retaliatory tariffs on European wines and alcohols.
A former local mafia boss died Wednesday after he was shot in his car in the middle of a busy highway near the French city of Grenoble, local authorities and sources close to the case told French news agency AFP.
The Social Security Administration could soon lose as many as 10,000 workers, according to former agency leaders who expect a large portion of federal workers to accept a buyout offer from the agency.
Defense Secretary Pete Hegseth has ordered a review of military standards, including physical fitness, body composition and grooming. It's a review Hegseth promised during his confirmation hearing when questioned about his statements he's made that military standards have eroded.
Washington — Democratic Rep. Raúl Grijalva of Arizona died Thursday morning after "a long and brave battle" against cancer, according to his office.
Dollar General has a particularly clear view into the pocketbooks of low-income Americans, given those shoppers are the discount retailer's core customer base. And some are so financially pinched they can no longer afford basic necessities, the chain relayed on Thursday.
President Trump has made a number of inaccurate claims about Canada in the past week as he imposed new tariff hikes on the country and touted his plans for more.
Those who glance up at the sky tonight will have an opportunity to catch the March 2025 "Blood Moon," a phenomenon that colors the full moon in shades of red, orange and yellow during a total lunar eclipse.
A 37-year-old man died after falling from a chairlift that was having a mechanical problem at a Montana ski area, according to local authorities and a spokesperson for Red Lodge Mountain.
The White House is withdrawing former Florida Rep. Dave Weldon's nomination to be the director of the Centers for Disease Control and Prevention, a White House official confirmed Thursday.