News > US economy slowed but still grew at 2.9% rate last quarter
US economy slowed but still grew at 2.9% rate last quarter
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Hindustan Times | 26/01/2023 10:49 PM | Click to read full article
The US 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. The economy got a boost last quarter from resilient consumer spending and the restocking of supplies by businesses. But with higher mortgage rates undercutting residential real estate, investment in housing plummeted at a 27% annual rate for a second straight quarter.