The economy grew by 2.1% in 2022, a solid showing amid recession fears
The latest figures point to a strong but slowing economy that has been tempered by the Federal Reserve’s aggressive efforts to control inflation. The central bank raised interest rates seven times last year, in hopes that higher borrowing costs would lead businesses and households to cut back enough to slow the economy and curb price increases.
In the most recent quarter, consumer spending on services was expected to help lift the reading on GDP, which sums up goods and services produced in the U.S. economy. “It wasn’t a ‘Steady Eddy’ quarter,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “Things got off to a decent start, but then the economy started to tip a little. Consumer spending took a hit. The labor market has hung in there, but some of the layoff announcements have been pretty jarring. We’re starting to see more in-your-face deterioration.
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