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GROSS DOMESTIC PRODUCT (GDP) <br />Components of GDP <br />Personal Consumption Expenditures 1.3% 1.9% <br />2.5% 2.8% <br />Gross Private Domestic Investment <br />0.6% 1.5% <br />0.2% -1.1% <br />Net Exports and Imports -0.6% -0.9% <br />-0.4% 0.1% <br />Federal Government Expenditures 0.0% 0.3% <br />0.6% 0.3% <br />State and Local (Consumption and Gross <br />Investment) <br />0.3% 0.3% <br />0.3% 0.2% <br />Total <br />Source: US Department of Commerce <br />1.6% 3.0% 3.1% 2.3% <br />40.0% <br />30.0% <br />20.0% <br />10.0% <br />0.0% <br />- 10.0% <br />- 20.0% <br />- 30.0% <br />- 40.0% <br />CM <br />CHANDLER <br />ASSET MANAGEMENT <br />Gross Domestic Product (GDP) <br />IN <br />■ ■ ■ ■ <br />GDP QOQ % Change <br />-GDP YOY % Change <br />�°c ✓4,1 O�°c ✓4� O�'c ✓�'� O�°c ✓4, O�°c ✓�� O�°c <br />19 c)O c)O �I ?,l c� cZ c30' cz' c)st )g <br />Source: US Department of Commerce <br />According to the second estimate, fourth quarter GDP increased at an annualized rate of 2.3%, unchanged from the advance estimate. <br />Growth continues to be powered by personal consumption expenditures, while private inventories, gross investment, and weaker net <br />exports contributed to the slowdown from the third quarter. The consensus projection calls for 2.8% growth for the full year 2024, 2.2% for <br />the current quarter, and 2.3% for 2025. <br />20/143 <br />11 <br />