- US gross domestic product grew at an annualized rate of 2.9% in the fourth quarter of 2022.
- That follows the third quarter's growth of 3.2% and beats a forecast from economists.
- The US closed out 2022 with cooling inflation, economic uncertainty, and concerns about when a recession may happen.
The US ended 2022 with a robust quarter of economic growth.
Data out Thursday from the Bureau of Economic Analysis shows that the economy saw a second consecutive quarter of growth. The US economy's gross domestic product grew at an annualized rate of 2.9% in the fourth quarter of 2022, according to the advance estimate. That's slightly above the forecast of 2.6% from economists surveyed by Bloomberg.
The fourth quarter print means that the US economy saw a small slow down from the third quarter's annual rate of 3.2%. While the US closed out 2022 with GDP rising, GDP shrunk in the first two quarters of 2022.
That's good news for those who think a recession can be avoided, which some experts believe could be the case.
The US saw inflation as measured by the Consumer Price Index slow month after month, based on year-over-year changes, in the months part of the last quarter of the year. And annualized three-month changes shows that inflation could actually be slowing down even faster.
This is a developing story. Please check back for updates.