JUST IN: GDP grew at 2.6% rate in fourth quarter of 2022, despite pressure from rising rates
The GDP numbers, adjusted for inflation, were revised down slightly from the previous estimate of 2.7%. Thursday’s report is the final GDP estimate for last year’s fourth quarter.
Last year’s GDP growth follows 2021’s gangbuster 5.9% GDP growth, which was so unusually high because it marked a year of reopening and economic recovery from the lows of the pandemic.The year 2022 began on a sour note, with the first two quarters of 2022 registering negative GDP growth. That alarmed many economists, as two consecutive quarters of negative growth is typically taken to define a recession.
Yet the Fed’s quest to tamp down inflation may still include a recession. Inflation stood at 6% for the year ending in February, according to the consumer price index, far above the Fed's target, which is 2%.
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