WASHINGTON (AP) – The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession.
Thursday’s government estimate showed that the nation’s gross domestic product–the broadest gauge of economic output–decelerated last quarter from the 3.2% annual growth rate it had posted from July through September.
Most economists think the economy will slow further in the current quarter and slide into at least a mild recession by midyear.
The economy got a boost last quarter from resilient consumer spending and the restocking of supplies by businesses. Federal government spending also helped lift GDP.
By Paul Wiseman, Associated Press
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