Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to "Source Data for the Advance Estimate" on page 4). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 23, 2023. The increase in real GDP reflected increases in private inventory ... (full story)

The economy grew at a 2.1% annual rate in 2022, the Bureau of Economic Analysis reported Thursday, a year marked first by recession fears and then by the largest burst of inflation in decades, which prompted a frantic campaign by the Federal Reserve to ease price pressures through interest rate hikes. The numbers, adjusted for inflation, were driven by gross domestic product growth in second half of the year after the first half saw contraction, leading many to say that the economy had fallen into recession. GDP growth for the fourth quarter clocked in at a 2.9% annual rate, the bureau said. Last year’s GDP growth ... (full story)