The U.S. economy ended 2022 on solid footing, but momentum seems to have cooled considerably as consumers confront the dual threat of stubbornly high inflation and rising interest rates.
Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 2.9% on an annualized basis in the three-month period from October through December, the Commerce Department said in its first reading of the data on Thursday.
© Photographer: Jeff Kowalsky/Bloomberg via Getty Images
Employees work on the assembly line at the Dakkota Integrated Systems manufacturing facility in Detroit, Michigan, U.S., on Thursday, May 5, 2022. Dakkota Integrated Systems is a Native American, Woman-Owned Company that manufactures Instrument Panels For Stellantis Jeep Assembly Plants.
Refinitiv economists expected the report to show the economy had expanded by 2.6%.
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