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U.S. economy grew at a healthy 2.3% pace last quarter, driven by increased consumer spending
CBSN
The American economy ended 2024 on a solid note with consumer spending continuing to drive growth.
The Commerce Department reported Thursday that gross domestic product — the economy's output of goods and services — expanded at a 2.3% annual rate from October through December.
For the full year, the economy grew a healthy 2.8%, compared with 2.9% in 2023.
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Defense Secretary Pete Hegseth has directed the Pentagon to come up with plans to cut 8% from the defense budget in each of the next five years, according to sources familiar with his plans. The Defense Departmen expects to redirect those fund to other programs in the department that would be prioritized by President Trump.
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Washington — President Trump will speak at an investment conference in Miami sponsored by Saudi government entities on Wednesday, an address that comes as the Trump Organization seeks to expand its real estate empire in Saudi Arabia and the president looks to strengthen ties with the Middle East partner.