WASHINGTON: The US economy grew at a slower pace in 2022 but performed better than expected in the final months of last year, the Commerce Department said on Thursday (Jan 26), as recession fears loomed. Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven tim
WASHINGTON: The US economy grew at a slower pace in 2022 but performed better than expected in the final months of last year, the Commerce Department said on Thursday , as recession fears loomed.
For the October to December period, US gross domestic product exceeded expectations to rise at an annual rate of 2.9 per cent. "We're moving in the right direction. Now we've got to protect those gains ... that our policies have generated," he said in a speech in Virginia.While the economy grew strongly in the fourth quarter, most of the advance took place early on and a repeat performance in early 2023 is unlikely, said Oren Klachkin of Oxford Economics.
Meanwhile, investment in the residential sector continued contracting, in the longest streak since the housing crisis, said Klachkin. A separate Commerce Department report released Thursday showed orders for big-ticket US manufactured goods were stronger than expected in December, though data indicated a weak ending to 2022 for business investment and equipment spending, she added.
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