The U.S. economy expanded throughout 2024, but growth slowed in the last three months of the year as businesses pulled back on investments and exported fewer goods overseas.

The U.S. grew at a mild 2.3% annual pace in the final three months of 2024, but the details of the report showed an economy on strong footing as the Biden administration handed off to the Trump White House.

US real gross domestic product increased at an annualized rate of 2.3% in the fourth quarter of this past year, less than the forecast of 2.7%. That economic growth was far below expectations and shows a much cooler economy than the second and third quarter of the year.