NATIONAL NEWS

US revises down last quarter’s economic growth to 2.6% rate

Mar 30, 2023, 5:34 AM

A construction worker prepares a recently poured concrete foundation, Friday, March 17, 2023, in Bo...

A construction worker prepares a recently poured concrete foundation, Friday, March 17, 2023, in Boston. On Thursday, the Commerce Department issues its third and final estimate of how the U.S. economy performed in the fourth quarter of 2022.(AP Photo/Michael Dwyer)
Credit: ASSOCIATED PRESS

(AP Photo/Michael Dwyer)

WASHINGTON (AP) — The U.S. economy maintained its resilience from October through December despite rising interest rates, growing at a 2.6% annual pace, the government said Thursday in a slight downgrade from its previous estimate.

The government had previously estimated that the economy expanded at a 2.7% annual rate last quarter.

The rise in the gross domestic product — the economy’s total output of goods and services — for the October-December quarter was down from the 3.2% growth rate from July through September. Exports and consumer spending were revised lower in Thursday’s report.

For all of 2022, the U.S. economy expanded 2.1%, down significantly from a robust 5.9% in 2021.

Most economists say they think growth is slowing sharply in the current January-March quarter, in part because the Federal Reserve has steadily raised interest rates in its drive to curb inflation.

The resulting surge in borrowing costs has walloped the housing industry and made it more expensive for consumers and businesses to spend and invest in major purchases. As a consequence, the economy is widely expected to slide into a recession later this year.

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