Ticker: Economy jumps at surprising 3.3% pace; Robitussin maker recalls cough syrup
The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households.
Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated from its sizzling 4.9% growth rate the previous quarter. But the latest figures still reflected the surprising durability of the world’s largest economy.
The latest data marked the sixth straight quarter in which GDP has grown at an annual pace of 2% or more. Consumers, who account for about 70% of the total economy, drove the growth. Their spending expanded at a 2.8% annual rate.
The GDP report also showed that despite the robust pace of growth in the October-December quarter, inflationary measures continued to ease. Consumer prices rose at a 1.7% annual rate, down from 2.6% in the third quarter. And excluding volatile food and energy prices, so-called core inflation came in at a 2% annual rate.
Robitussin maker recalls cough syrup
The maker of Robitussin cough syrup is recalling several lots of products containing honey due to contamination that could pose a serious risk to people with weakened immune systems.
Haleon’s recall covers eight lots of Robitussin Honey CF Max Day Adult and Robitussin Honey CF Max Nighttime Adult, which were distributed to stores and pharmacy suppliers. The Food and Drug Administration posted the company’s announcement to its website Wednesday.
The products may contain dangerously high levels of yeast, the company said in an emailed message.. Yeast is a natural component of honey, but the levels detected by the company were “beyond allowed measurements,” Haleon said.