US Economy Slowed But Still Grew at 2.9% Rate Last Quarter

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

About Brendan Fitzpatrick

Brendan, a recent graduate from the University of Massachusetts Amherst, is one of the newest members of the CapeCod.com NewsCenter team. When not on the beat, you'll probably find him watching Boston sports.



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