After stellar economic growth during the third quarter, GDP in the fourth quarter continued to surprise. Markets had anticipated trend-like growth of 2.0%, but the actual release at 3.3% exceeded all but the highest estimates. This was in large part due to a stronger-than-expected consumer, but continued government spending, business investment and net exports also played a role. In a year in which the Fed was targeting below-trend growth to combat inflation, the economy posted a 3.1% gain in GDP for the calendar year.
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