Economic growth continues to slow, Commerce Dept. says

Name: WORLD
Price range: $

An employee works in the battery assembly hall at the BMW Spartanburg plant in Greer, S.C. Associated Press/Photo by Sean Rayford, File

Economic growth continues to slow, Commerce Dept. says

Economic growth in the United States slowed to an annual rate of 2.9 percent in the last quarter of 2022, the Commerce Department reported Thursday. The quarter before, the annual growth rate was 3.2 percent. In total, the U.S. economy expanded just 2.1 percent last year, down from 5.9 percent growth in 2021.

Where does the economy go from here? Many economists expect the United States’ economic growth to continue its slowdown and eventually culminate in a mild recession sometime this year. Meanwhile, economists expect the Federal Reserve to continue raising interest rates to fight high inflation.

Dig deeper: Read Jerry Bowyer’s column in WORLD Opinions about investors’ no-confidence vote in the U.S. economy in 2023.