The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. The government estimate showed that the nation’s gross domestic product decelerated last quarter from the 3.2% annual growth rate it had posted from July through September.
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The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy. Prices rose 5% last month from a year earlier, down from the 5.5% year-over-year increase in November. It was the third straight drop. Consumer spending fell 0.2% from November to December.
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Preliminary labor force statistics indicate North Dakota’s December 2022 not seasonally adjusted…
