Market Updates
Fourth Quarter 2022 Real GDP Growth Revised Lower
Brian Turner
30 Mar, 2023
New York City
Real gross domestic product growth for the final quarter of 2022 was revised lower, according to the third and final estimate released by the U.S. Bureau of Economic Analysis Thursday.
The U.S. economy expanded at an annual pace of 2.6% in the December quarter, slower than the previous estimate of 2.7% and 3.2% in the third quarter.
Consumer spending increase was revised lower to 1.0% from the previous estimate of 1.4% and international
Real GDP increased 2.1% in 2022, compared with an increase of 5.9% in 2021.
The increase in real GDP in 2022 primarily reflected increases in consumer spending, exports, private inventory investment, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment and federal government spending.
Despite the cooling of energy prices and slowing of goods inflation, elevated inflation remains well anchored in the economy.
The price index for gross domestic purchases increased 6.8% in 2022, compared with an increase of 4.2% in 2021.
The PCE price index, a preferred measure of inflation by policy makers, increased 6.3%, compared with an increase of 4.0%.
Excluding volatile food and energy prices, the core PCE price index increased 5.0%, compared with an increase of 3.5%.
The Federal Reserve has vowed to bring down inflation to 2% but despite the nine-rate hikes, prices are still rising at faster pace than the Fed's preferred level.
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