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US economy shows signs of slowdown after growing 2.9% last quarter

Personal consumption, the biggest part of the economy, climbed at a below-forecast 2.1% pace

Augusta Saraiva | Bloomberg

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Photo: Bloomberg

6 min read Last Updated : Jan 26 2023 | 11:46 PM IST

-The US economy grew faster than forecast into the end of 2022, but there were signs of slowing underlying demand as the steepest interest-rate hikes in decades threaten growth this year.

Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday. About half of the GDP increase reflected inventory growth, while government outlays matched the biggest gain since early 2021.

Personal consumption, the biggest part of the economy, climbed at a below-forecast 2.1% pace.