The US Economy Grew , More Than Expected in 2022.<br />CNN reports that the United States <br />economy expanded again in the fourth <br />quarter, showing solid growth to end 2022. .<br />The news comes despite consumers <br />and businesses battling historically <br />high inflation and interest rates. .<br />The broadest measure of economic activity, <br />the gross domestic product, increased 2.9% <br />from October to December 2022.<br />According to Commerce Department data <br />released on January 26, last quarter's 2.9% <br />expansion represents continued improvement. .<br />CNN reports that 2022 was a year of transition for <br />the economy as it continued to recover from the pandemic, <br />contracting in back-to-back quarters to start 2022.<br />Since the beginning of 2023, businesses <br />and consumers have shifted their spending to <br />compensate for inflation and interest climbing.<br />Since the beginning of 2023, businesses <br />and consumers have shifted their spending to <br />compensate for inflation and interest climbing.<br />Consumers are increasingly struggling <br />to navigate the ongoing effects <br />from the spike in prices last year by <br />drawing on credit and savings, John Leer, chief economist of Morning Consult, via CNN.<br />With consumer demand likely to continue its downward trajectory, business investment is also likely to slow in the coming quarters, increasing the probability of a recession this year, John Leer, chief economist of Morning Consult, via CNN.<br />According to Refinitiv,<br />economists expected the fourth quarter's <br />GDP to grow at an adjusted rate of 2.6%.<br />CNN reports that the most recent report is the first of <br />three official estimates for the fourth quarter by <br />the Commerce Department and is often revised later.
