One month into a new year, America’s economic outlook is mixed, with reasons both for hope and trepidation. Here are Five Facts about the changing state of the U.S. economy.
1. The U.S. economy grew at an annual rate of 2.9% in the fourth quarter of 2022.
While many economists remain concerned about a recession, it isn’t here yet. A recession occurs when a country’s economy shrinks for two consecutive quarters, but America’s gross domestic product (GDP), the total of all goods and services produced, grew nearly 3% at an annualized rate between October and December. Some aren’t convinced that trouble isn’t still on the horizon, however.
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