The United States economy grew by 2.6% during the fourth quarter of 2022

The US economy grew at a slower pace in the fourth quarter than previously expected. specific, GDP increased by 2.6% During the last three months of 2022, according to the third and final reading of the quarter from the country’s Department of Commerce.

Growth was initially estimated at 2.9%, then was revised downward last month to 2.7%.

The slowdown is mainly reflected Exports decline The Commerce Department said the slowdown in consumer spending, non-residential fixed investment, and state and local government spending.

These moves were partially offset by a pickup in private investment in inventories, an uptick in fixed residential investment, and an acceleration in federal government spending. Imports fell less in the fourth quarter than they did in the third.

Economists had expected GDP growth to hold steady at 2.7%, according to the Refinitiv.

The Labor Department said Thursday that initial claims for state unemployment benefits rose by 7,000 to a seasonally adjusted 198,000 for the week ending March 25.