{"id":444,"date":"2023-03-30T23:02:49","date_gmt":"2023-03-31T04:02:49","guid":{"rendered":"https:\/\/enjoyingthisjourney.com\/us-gdp-growth-dips-slightly-in-q4-2022-consumer-spending-revised-down\/"},"modified":"2023-03-30T23:02:49","modified_gmt":"2023-03-31T04:02:49","slug":"us-gdp-growth-dips-slightly-in-q4-2022-consumer-spending-revised-down","status":"publish","type":"post","link":"https:\/\/enjoyingthisjourney.com\/us-gdp-growth-dips-slightly-in-q4-2022-consumer-spending-revised-down\/","title":{"rendered":"US GDP growth dips slightly in Q4 2022, consumer spending revised down"},"content":{"rendered":"

The US Bureau of Economic Analysis (BEA) has released its third and final estimate of GDP growth for the fourth quarter of 2022, reporting a 2.6% increase, a slight dip from the previous estimate of 2.7%. The third quarter saw a growth rate of 3.2%.[0]<\/a><\/sup> Despite rising interest rates, the economy maintained its resilience, however, consumer spending, which drives most of the economy\u2019s growth, was revised sharply down, falling to 1.0% from the previous estimate of 1.4%.[1]<\/a><\/sup> Spending on physical goods such as appliances and furniture, which had initially surged as the economy rebounded from the pandemic recession, fell for a fourth straight quarter.[2]<\/a><\/sup> The revision primarily reflected downward revisions to exports and consumer spending, while imports, which are a subtraction in the calculation of GDP, were revised down.[3]<\/a><\/sup> The pace of hiring is still healthy, and the unemployment rate is near a half-century low, but forecasters surveyed by the data firm FactSet have estimated that growth in the January-March quarter is decelerating to a 1.4% annual rate. The majority of economists opine that the growth rate is decelerating significantly in the ongoing January-March period, primarily due to the Federal Reserve's continuous hike in interest rates to control inflation. Elevated interest rates usually hinder economic growth and can frequently trigger a downturn.[4]<\/a><\/sup> Although Silicon Valley Bank experienced an unexpected collapse earlier this month, the Federal Reserve decided to increase interest rates once more to control inflation.[5]<\/a><\/sup><\/p>\n

0. <\/span>“Gross Domestic Product, Fourth Quarter and Year 2022 (Third Estimate), GDP by Industry, and Corporate Profits” Forex Factory, 30 Mar. 2023, https:\/\/www.forexfactory.com\/news\/1213410-gross-domestic-product-fourth-quarter-and-year-2022<\/a><\/p>\n

1. <\/span>“Economic growth rate dips to 2.6% | The Blade” Toledo Blade, 31 Mar. 2023, https:\/\/www.toledoblade.com\/business\/development\/2023\/03\/30\/economic-growth-rate-dips-gdp\/stories\/20230331030<\/a><\/p>\n

2. <\/span>“US revises down last quarter's economic growth to 2.6% rate” Abccolumbia.com, 30 Mar. 2023, https:\/\/www.abccolumbia.com\/2023\/03\/30\/us-revises-down-last-quarters-economic-growth-to-2-6-rate<\/a><\/p>\n

3. <\/span>“U.S. Q4 GDP downwardly revised again to 2.6% in final estimate” Seeking Alpha, 30 Mar. 2023, https:\/\/seekingalpha.com\/news\/3952674-us-q4-gdp-revised-down-again-to-26-in-final-estimate<\/a><\/p>\n

4. <\/span>“U.S. GDP in fourth quarter trimmed again to 2.6% on weaker consumer spending” Morningstar, 30 Mar. 2023, https:\/\/www.morningstar.com\/news\/marketwatch\/20230330369\/us-gdp-in-fourth-quarter-trimmed-again-to-26-on-weaker-consumer-spending<\/a><\/p>\n

5. <\/span>“GDP grew at 2.6% rate in fourth quarter of 2022 despite pressure from rising rates” Washington Examiner, 30 Mar. 2023, https:\/\/www.washingtonexaminer.com\/policy\/economy\/gdp-grew-at-2-6-rate-in-fourth-quarter-of-2022-despite-pressure-from-rising-rates<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Bureau of Economic Analysis (BEA) has released its third and final estimate of GDP growth for the fourth quarter of 2022, reporting a 2.6% increase, a slight dip from the previous estimate of 2.7%. The third quarter saw a growth rate of 3.2%.[0] Despite rising interest rates, the economy maintained its resilience, however, […]<\/p>\n","protected":false},"author":2,"featured_media":443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/444"}],"collection":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/comments?post=444"}],"version-history":[{"count":1,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/444\/revisions"}],"predecessor-version":[{"id":445,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/444\/revisions\/445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/media\/443"}],"wp:attachment":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/media?parent=444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/categories?post=444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/tags?post=444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}