Commerce Dept: Economy Saw Solid Growth In Q4

The New York Times reports:

Economic growth remained solid at the end of last year as the strong job market and cooling inflation allowed Americans to keep spending despite fears of a recession.

U.S. gross domestic product, adjusted for inflation, increased at an annual rate of 2.9 percent in the fourth quarter of 2022, the Commerce Department said Thursday. That was down slightly from a 3.2 percent growth rate in the third quarter. Consumer spending, the bedrock of the U.S. economy, grew at a 2.1 percent rate.

The data is preliminary and will be revised at least twice in coming months. The healthy fourth-quarter growth capped a year in which economic output contracted in the first half, prompting talk of a recession, then rebounded.

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