BREAKING Economy grew 2.1% in 2022 amid barrage of interest rate hikes
The economy grew at a 2.1% annual rate in 2022, the Bureau of Economic Analysis reported Thursday, a year marked first by recession fears and then by the largest burst of inflation in decades, which prompted a frantic campaign by the Federal Reserve to ease price pressures through interest rate hikes.
Last year’s GDP growth follows 2021’s gangbusters 5.9% GDP growth, which was so unusually high because it marked a year of reopening from the pandemic.Economic growth held up in 2022 despite a range of headwinds. GDP declined in the first two quarters, a situation commonly used to define recession. Measures of consumer sentiment declined earlier in the year, adding to the sense that a broad downturn was in store.
Still, the most notable economic of 2022 was the rise of inflation, which lowered standards of living for many households. Bringing inflation down to normal levels may still involve recession. Inflation stood at 6.5% for the year ending in December, according to the Consumer Price Index, far above the Fed's target, which is roughly 2%.
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