- U.S. economy grew at an annualized rate of 2.9% in the fourth quarter.
- The new figure demonstrates that economic growth is still occurring in the nation.
The direction of American consumer activity has been closely watched by economists. Who were waiting for today’s data to see what they reveal. The latest Gross Domestic Product (GDP) Report confirms that the U.S. economy grew at an annualized rate of 2.9% in the fourth quarter, above analysts’ estimates.
The 2.8% increase forecast by economists was lower than the actual. The new figure demonstrates that economic growth is still occurring in the nation. But at a slower rate than the 3.2% seen in the previous quarter. Despite predictions that retail sales had dropped towards the end of 2022. The data for the fourth quarter have indicated healthy consumer growth to close the year.
Go-to Indicator For Economic Health
The Gross Domestic Product (GDP) of the United States is a measure of the economic output of the country. This figure is derived from a number of different inputs, including the total value of all products and services produced in the nation and the worth of the manufacturing process itself. In addition, over the last seven decades, this figure has served as a go-to indicator of economic health.
The report’s findings—which indicate continued, if moderate, economic growth for the United States—were eagerly anticipated by economists, and they were made public at 8:30 a.m. EST.
Forecasting economists are split on where the economy goes from here, with a focus on the user. The 1.1% reduction in retail sales seen in December is highlighted in the research as evidence of a consumer slowdown that may signal the onset of a recession.
Meanwhile, there are economists who insist that we can’t just give up on consumers just yet. As they put it, the economy might yet avert a downturn. The crypto market is trading in green with Bitcoin yet again above $23k and the global market cap of the sector at $1.05 trillion as per CMC.
