US Economic Growth , Lost Momentum in 2022.
CNN reports that the U.S.
economy grew at a slower pace than
economists had predicted in the fourth quarter. .
For the last three months of 2022, inflation-adjusted
gross domestic product increased 2.6%, according
to the U.S. Commerce Department. .
The department's third and final
reading for the quarter was
originally estimated to be 2.9%. .
The actual GDP, the broadest measure of economic
activity, ended up coming in below the
department's revised estimate of 2.7%.
According to Refinitiv, economists
had also predicted that GDP would hold
steady at 2.7%, which it failed to do.
Associated Press reports that in 2022,
the U.S. economy expanded just 2.1%,
a significant drop from 5.9% in 2021. .
Overall, the report suggests
the economy was losing
momentum at the end of 2022. .
Previously, the government had
estimated a 1.4% increase
in consumer spending. .
Previously, the government had
estimated a 1.4% increase
in consumer spending. .
The annual consumer spending
rate in 2022 ended up rising
just 1% last quarter. .
AP reports that it was the weakest quarterly
gain since the COVID pandemic first impacted
the economy in the spring of 2020.