Business Standard

US economy shows signs of slowdown after growing 2.9% last quarter

Personal consumption, the biggest part of the economy, climbed at a below-forecast 2.1% pace

US, US economy
Premium

Photo: Bloomberg

Augusta Saraiva | Bloomberg
-The US economy grew faster than forecast into the end of 2022, but there were signs of slowing underlying demand as the steepest interest-rate hikes in decades threaten growth this year.
 
Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday. About half of the GDP increase reflected inventory growth, while government outlays matched the biggest gain since early 2021.

Personal consumption, the biggest part of the economy, climbed at a below-forecast 2.1% pace. 

The mixed report suggests that the

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 26 2023 | 8:43 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com