Us Economy Grows 2 9 Percent In Fourth Quarter Cy22

Top Stories

Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

Stock chart

US economy grows 2.9 percent in fourth quarter CY22

ri-calendar-2-lineJan 27, 2023

By: BlinkX Research Team

FbkFbkTwitterTelegram

As per estimates of the US Commerce Department, the US GDP expanded 2.9% annualized for the fourth quarter ended December 2022. This is lower than the 3.2% achieved in the third quarter, but this is only the first estimate of GDP for Q4 and there are more estimates from the BEA coming in the next couple of months. However, economists have warned that this could be the last quarter of impressive growth, which could taper from Q1CY23 onwards.

 

The thrust for the fourth quarter came from resilient consumer spending as well as restocking of supplies by businesses. However, higher mortgage rates had a negative effect on housing, which fell 27% in the quarter. For calendar 2022, the GDP expanded by 2.1%; lower than the 5.9% achieved in 2021. However, year 2021 was all about post-COVID recovery and revenge buying. 


The hawkishness of the Fed is likely to have a lag effect in the coming quarters with growth likely to slow. 

 

Amidst the tepid news on the GDP front, the US labour markets have remained robust. For instance, the US added 4.5 million jobs in 2022 over and above the 6.7 million jobs added in 2021. Joblessness is at a multi-year low of 3.5%, which is still fuelling inflation. In the coming quarters, the visible slowdown in growth and spending will be welcomed by the US Federal Reserve, which was their target anyways.

 

Consumer spending was up 2.1%, and it accounts for 70% of the economy triggers. GDP estimates in the US for the first and second quarters of 2023 are expected to be around 1.5%. Clearly, hawkishness is paying off for the Fed. The same cannot be said about the US economy.

Related News

News Thumbnail
Business

PSP Projects secures lowest bid for Dharoi Dam region project

1 mins read. November 6, 2023 at 09:23 AM

News Thumbnail
Business

Bata strikes deal with Authentic Brands Group for Nine West

1 mins read. November 6, 2023 at 08:43 AM

News Thumbnail
Business

Shakti Pumps secures 7th patent for Waste Water Pump innovation

2 mins read. October 31, 2023 at 07:03 AM

Related Blogs

Stock chartDemat Account

Biggest Winners and Losers in MSCI: Key Movers in Global Indices 2025

0 people read

3 mins read . Aug 20, 2025

Stock chartMutual Fund

What MF Big Boys Bought and Sold – Top Mutual Fund Stock Activity in 2025

0 people read

8 mins read . Aug 18, 2025

Download app

Access BlinkX
everywhere
across device

Join the Future of Trading

with BlinkX

#ItsATraderThing

Open Trading Account
Verify your phone
+91
*By signing up you agree to our terms & conditions