
Real gross
domestic product
Quarterly change at
annual rates,
adjusted for inflation
4th. qtr.
2022:
Real gross domestic product
Quarterly change at annual rates, adjusted for inflation
4th. qtr.
2022:
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 economy continued to motor on,” said Michael Gapen, chief U.S. economist for Bank of America. “There’s more momentum in the economy at year-end than we thought, and a lot of that is from households.”The healthy fourth-quarter growth capped a year in which economic output contracted in the first half, prompting talk of a recession, then rebounded. Over the year as a whole, as measured from the fourth quarter a year earlier, G.D.P. grew 1 percent, down sharply from 5.7 percent growth in 2021.The seesaw pattern in 2022 was driven by big swings in trade and inventories, hist …