Underlying details of the latest GDP figures suggest the economy is actually losing momentum.
appears fairly upbeat: The economy grew at a 2.9% annualized pace in the final months of 2022, even better than analysts anticipated.
But underneath the hood, demand growth slowed to a crawl in the fourth quarter. That is good news for the inflation outlook, though it could mean some weaker overall growth lies ahead in 2023.Final sales to private domestic purchasers rose at an 0.2% annual rate in Q4, a sharp slowdown from the 2.1% recorded in Q1.
By contrast, in the first half of the year, final sales data pointed to economic resilience, even as negative growth figuresInventory adjustments and government spending both provided a notable boost to the headline figure last quarter, adding 1.5 and 0.6 percentage points to the overall GDP numbers, respectively. But those sectors don't usually send signals about the future of economic activity.
Business investment had been resilient, but that changed last quarter: It grew at a 0.7% annual pace, off sharply from 6.2% in the prior quarter.
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