The US economy expanded at a solid clip in 2024, helped by consumer and government spending, official data showed on Thursday, January 30, signaling its resilience as President Donald Trump took over the reins this month.

Trump won a commanding victory in last November's election on the back of public dissatisfaction over cost-of-living pressures, even as inflation has cooled while the job gains continued. Trump took office on January 20, inheriting solid growth as his term unfolds.

For 2024, GDP rose 2.8% from the annual level a year prior. From October to December, the world's biggest economy grew at an annual rate of 2.3% in the fourth quarter, the Commerce Department said, slowing from the 3.1% rate in the July to September period. The latest figure was in line with a consensus forecast by Briefing.com.

Consumer spending, investment and government spending were among the drivers behind last year's growth, according to Commerce Department data.

The US economy has broadly held up in the face of high interest rates, helped by a robust labor market with low unemployment and still-growing wages. This has allowed consumers to keep spending, even as they drew down on savings accumulated during the Covid-19 pandemic.

Brendan Boyle, top Democrat on the House Budget Committee, called the fourth quarter growth figure "undeniable proof" that policies under Biden have proven effective.