UPDATE - US economy expands 3.3% in Q4, above expectations of 2%

ADSS BIDEN'S COMMENTS

By Ovunc Kutlu

ISTANBUL (AA) - The US economy expanded 3.3% in the fourth quarter, beating estimates, according to the Commerce Department's first and advance reading released Thursday.

The figure was much higher than expectations of 2% but the American economy slowed from a 4.9% expansion in the third quarter.

The current dollar GDP increased 4.8%, or $328.7 billion, at an annual rate in the fourth quarter to $27.94 trillion, the Commerce Department said in a statement.

The current dollar personal income climbed $224.8 billion in the October - December period, following an increase of $196.2 billion in the third quarter, it added.

Personal savings, however, was $818.9 billion in the fourth quarter, down from $851.2 billion recorded in the July - September period, according to the agency.

"Today we learned that the U.S. economy grew 3.1 percent over the past year while adding another 2.7 million jobs, and with core inflation moving back down towards the pre-pandemic benchmark," President Joe Biden said in a statement released by the White House.

"As a result, wages, wealth, and employment are higher now than they were before the pandemic," he said.

Biden said he will continue to fight to lower costs for American families, from implementing legislation for lower prescription drug costs to health insurance premiums.

The president said he is also working on clean energy costs, in addition to trying to eliminate junk fees that companies use on consumers.