US economy slowed but still grew at 2.9% rate last quarter

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The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession, AP reported.

Thursday’s estimate from the US Commerce Department showed that the nation’s gross domestic product — the broadest gauge of economic output — decelerated last quarter from the 3.2% annual growth rate it had posted from July through September.

Most economists think the economy will slow further in the current quarter and slide into at least a mild recession by midyear.