Shoppers carry bags at Broadway Plaza in Walnut Creek, California.

The U.S. economy expanded at a solid pace at the end of 2024, fueled by a generous tailwind from consumer spending that more than offset drags from a strike at Boeing Co. and much leaner inventory investment.

Inflation-adjusted gross domestic product (GDP) increased an annualized rate of 2.3 percent in the fourth quarter, after rising 3.1 percent in the prior three-month period, according to the government’s initial estimate published Thursday. The median forecast in a Bloomberg survey of economists called for 2.6 percent growth.

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