The growth rate of the U.S. economy at the end of 2022 was reduced again to 2.6%, reflecting weaker consumer spending.
The numbers: The growth rate of the U.S. economy at the end of 2022 was reduced to 2.6% due to weaker consumer spending while corporate profits posted the biggest decline in two years.
Initially the government said gross domestic product has increased at a 2.9% annual pace. The estimate was reduced to 2.7% last month and now it’s been lowered once again. GDP is the official scorecard of the economy. Key details: The downward revisions in fourth-quarter GDP were largely the result of consumer spending being much weaker than previously reported.
Exports also fell more sharply, the revised figures show. Most other numbers in the GDP report were little changed.
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