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The U.S. Economy Grew 2.1 Percent in 2022

However, recession fears linger

The U.S. economy grew by 2.1 percent in 2022, notching six months of solid growth despite widespread concern that the country might be on the brink of a recession.

Those fears have been assuaged — at least for now, leaving room for policymakers to stay the course on continued interest rate hikes. The economy posted another consecutive quarter of steady expansion between October and December, with economic activity increasing at a 2.9 percent annual rate. Consumer spending contributed to the strong fourth-quarter showing, especially given the slumps in large parts of the economy, including housing and manufacturing.

Still, the figure was a cool-down from 3.2 percent growth in the previous quarter, the Bureau of Economic Analysis said Thursday.

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