Economy Slowed But Still Grew At 2.9% Rate

WASHINGTON (AP) – The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the nation’s gross domestic product – the broadest gauge of economic output – decelerated last quarter from the 3.2% annual growth rate it had posted from July through September. Most economists think the economy will slow further in the current quarter and slide into at least a mild recession by midyear. The housing market, which is especially vulnerable to higher loan rates, has already been badly bruised.