The U.S. economy grew at an annual rate of 2.9% in the fourth quarter, slower than the last quarter but above estimates, despite recession concerns.

GDP Grew Annually At 2.9% In Q4, Despite Recession Fears

At first up here, the US economy appears to have ended 2022 in better shape than originally expected. An initial estimate showing fourth quarter GDP increasing at an annual rate of 2.9%. The figure representing slower growth than the previous quarter but still came in above estimates amid ongoing concerns about a potential recession or slow down the increase largely due to things like higher spending from consumers and federal and local governments offset by some lower housing investments, but signs of cooling inflation and a persistently strong jobs market allowing consumers to keep spend money contributing to economic momentum toward the end of the year. So the growth in the second half of the year following two quarters of economic contraction, which did meet the technical definition of a recession at the start of 2022. While President biden speaking on the economy this afternoon, we are continuing to monitor his remarks and will bring you those highlights here in just a few moments from our nation's capital.