US Economic Growth Lost Momentum in 2022

US Economic Growth , Lost Momentum in 2022.

CNN reports that the U.S. economy grew at a slower pace than economists had predicted in the fourth quarter.

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For the last three months of 2022, inflation-adjusted gross domestic product increased 2.6%, according to the U.S. Commerce Department.

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The department's third and final reading for the quarter was originally estimated to be 2.9%.

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The actual GDP, the broadest measure of economic activity, ended up coming in below the department's revised estimate of 2.7%.

According to Refinitiv, economists had also predicted that GDP would hold steady at 2.7%, which it failed to do.

Associated Press reports that in 2022, the U.S. economy expanded just 2.1%, a significant drop from 5.9% in 2021.

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Overall, the report suggests the economy was losing momentum at the end of 2022.

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Previously, the government had estimated a 1.4% increase in consumer spending.

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Previously, the government had estimated a 1.4% increase in consumer spending.

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The annual consumer spending rate in 2022 ended up rising just 1% last quarter.

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AP reports that it was the weakest quarterly gain since the COVID pandemic first impacted the economy in the spring of 2020.