It looks like the U.S. economy got an unexpected bump at the end of 2022.
- According to data shared by the Commerce Department on Thursday, the U.S. economy grew by 2.9 percent in the fourth quarter of last year.
- For 2022 as a whole, the gross domestic product grew by 2.1 percent.
- “Consumers are increasingly struggling to navigate the ongoing effects from the spike in prices last year by drawing on credit and savings,” Morning Consult chief economist John Leer said to CNN. “With consumer demand likely to continue its downward trajectory, business investment is also likely to slow in the coming quarters, increasing the probability of a recession this year.