"U.S. GDP rose 2.9% in Q4; Jobless claims fell to the lowest level since
April ’22

The U.S. economy finished 2022 in solid shape even as questions persist
over whether growth will turn negative in the year ahead.

Fourth-quarter gross domestic product, the sum of all goods and services produced for the October-to-December period, rose at a 2.9% annualized
pace, the Commerce Department reported Thursday. Economists surveyed by
Dow Jones had expected a reading of 2.8%.

The growth rate was slightly slower than the 3.2% pace in the third quarter.

Stocks turned mixed following the report while Treasury yields were
mostly higher.

Consumer spending, which accounts for about 68% of GDP, increased 2.1%
for the period, down slightly from 2.3% in the previous period but still positive.

Inflation readings moved considerably lower to end the year after
hitting 41-year highs in the summer. The personal consumption
expenditures price index increased 3.2%, in line with expectations but
down sharply from 4.8% in the third quarter. Excluding food and energy,
the chain-weighted index rose 3.9%, down from 4.7%.
[snip]

https://www.cnbc.com/2023/01/26/gdp-q4-2022-us-gdp-rose-2point9percent-in-the-fourth-quarter-more-than-expected-even-as-recession-fears-loom.html

TB

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