U.S. Economy Grows 2.3% In Q4, Consumer Spending Increases Despite Inflation And High Interest Rates

The latest GDP report shows U.S. economic growth slowed to 2.3% in the final quarter of 2024, down from earlier in the year. Consumer spending surged by 4.2%, but high inflation and interest rates are straining lower-income households. Anthony Saccaro, President of Providence Financial and Insurance Services, joins Alicia Summers to discuss what’s driving consumer spending despite inflation, the Federal Reserve’s decision to keep interest rates steady, and what this means for the economy. As an insurance agency owner in California, Anthony shares insights on the worsening insurance crisis after the LA fires, with companies leaving the state or non-renewing clients due to risks and state price controls. What’s next for the industry and homeowners?