U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom
Publishing timestamp: 2023-01-26 10:07:36
Summary
The US economy finished 2022 in solid shape, with GDP rising at a 2.9% annualized pace in the fourth quarter. Consumer spending weakened from the previous period but remained positive, while government spending and private investment aided growth. Jobless claims fell last week and durable goods orders increased sharply in December, but mainly due to demand for aircraft. Despite the strong economic data, most economists think a recession is a strong possibility this year due to a series of aggressive Fed interest rate increases. Sectors of the economy such as housing and corporate profits are showing signs of recession.
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Keywords: economy, breaking news: economy, breaking news, markets, gross domestic product, business news, breaking news: markets, boeing co,