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US Economy Expands at a Faster-Than-Expected 2.9% Pace


The US economy expanded at a healthy pace in the fourth quarter, though an extended salvo of Federal Reserve interest-rate hikes is seen jeopardizing growth prospects this year.

Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday. Personal consumption (GDPCTOT%), the biggest part of the economy, climbed at a less-than-forecast 2.1% pace