The second estimate for fourth quarter 2024 GDP indicates that the U.S. economy grew by 2.3%, matching the initial report. This followed growth of 1.6% in the first quarter, 3% in the second, and 3.1% in the third quarter last year.
The Q4 increase was largely driven by rising government and consumer spending, tempered by declining investment. Note this data may be revised in the final estimate at the end of March.
Turning to unemployment data, Initial Jobless Claims (+22K to 242K) reached their highest level since early December. Continuing Claims (-5K to 1.862M) remain elevated above 1.8 million for the thirty-eighth straight week, suggesting longer unemployment periods for job seekers.