Government data on Thursday showed that economic growth remained solid at the end of last year.Credit…Hiroko Masuike/The New York Times
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…
