The U.S. economy demonstrated stronger-than-expected post-pandemic growth in 2023, driven by significant consumer spending and business investment, according to revised government data. The U.S. Commerce Department's Bureau of Economic Analysis (BEA) reported that corporate profits were also revised higher. Despite substantial interest rate hikes by the Federal Reserve, the economy showed resilience. Additionally, the second quarter of 2024 saw a 3% annualized growth rate, outpacing the 1.6% growth in the first quarter. The revisions also highlighted bigger consumer-fueled growth in 2022.