{"id":1824757,"date":"2023-01-26T11:05:25","date_gmt":"2023-01-26T16:05:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1824757"},"modified":"2023-01-26T11:12:39","modified_gmt":"2023-01-26T16:12:39","slug":"economy-grew-in-fourth-quarter-as-recession-fears-loom-for-2023","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economy-grew-in-fourth-quarter-as-recession-fears-loom-for-2023\/","title":{"rendered":"Economy Grew In Fourth Quarter As Recession Fears Loom For 2023"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feconomy-grew-in-fourth-quarter-as-recession-fears-loom-for-2023%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1824757&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>The American <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">economy<\/a> In the fourth quarter of 2022, it grew at 2.9% annually, slightly more than was expected. <a href=\"http:\/\/dailywire.com\/topic\/recession\" target=\"_blank\" rel=\"noopener\">recessionary<\/a> concerns loom.<\/p>\n<p>Real gross domestic product is the total of all final goods or services that are produced in an economy. It can be adjusted for <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflation<\/a>, grew at a slower rate than the 3.2% annualized pace <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-third#:~:text=Real%20gross%20domestic%20product%20(GDP,real%20GDP%20decreased%200.6%20percent.\" target=\"_blank\" rel=\"noopener\">seen<\/a> According to an advance, the third quarter of 2022 will be characterized as &#8220;the third quarter,&#8221; <a href=\"https:\/\/www.bea.gov\/news\/2023\/gross-domestic-product-fourth-quarter-and-year-2022-advance-estimate\" target=\"_blank\" rel=\"noopener\">estimate<\/a> from the Commerce Department\u2019s Bureau of Economic Analysis. The country previously met the technical definition for a recession. It experienced two quarters consecutively of negative growth. The economy shrank at a 1.6% rate in the first quarter 2022 and at 0.6% in the second quarter 2022.<\/p>\n<p>This growth can be attributed to an increase in private inventory, consumer spending and government spending. Both imports and exports fell; the former is an addition to GDP calculations while the latter is subtraction.<\/p>\n<p>The growth in private inventory investment was due to increased manufacturing, mining, utilities and construction industries. Reduced activity in single-family homes was another factor that contributed to residential fixed investment. Mortgage rates were also low. <a href=\"https:\/\/www.dailywire.com\/news\/homebuilder-sentiment-fell-every-month-this-year-as-housing-market-weakens\">soared<\/a> The Federal Reserve has taken monetary policy action to increase the economy.<\/p>\n<p>The annualized growth of 2.9% exceeded analysts\u2019 expectations of 2.8% even as recession fears linger. Analysts believe that this year will be record-breaking. <a href=\"https:\/\/www.dailywire.com\/news\/big-short-investor-who-foresaw-2008-recession-lays-out-predictions-for-2023\" target=\"_blank\" rel=\"noopener\">see a recession<\/a> As inflationary pressures and supply-chain woes persist. A contraction in the economy would occur following one of these. <a href=\"https:\/\/www.dailywire.com\/news\/stocks-had-their-worst-year-since-2008-after-biden-boasted-about-their-performance\" target=\"_blank\" rel=\"noopener\">worst stock market<\/a> Last year&#8217;s performances in modern history<\/p>\n<p>Michael Hartnett, Chief Investment Strategist at Bank of America, stated in a <a href=\"https:\/\/business.bofa.com\/en-us\/content\/year-ahead-2023\/investment-market-outlook-forecasts.html\" target=\"_blank\" rel=\"noopener\">report<\/a> A recession would be experienced in the first half year, before the markets reach a new high. \u201cmuch more solid footing.\u201d However, there are also an <a href=\"https:\/\/www.dailywire.com\/news\/economists-predict-whether-2023-will-see-a-recession\" target=\"_blank\" rel=\"noopener\">outlook<\/a> Jan Hatzius, Goldman Sachs Chief Economic Officer, noted that analysts at the company believe \u201cthere are strong reasons to expect positive growth in coming quarters.\u201d<\/p>\n<p>Critics accuse the Biden administration, which they claim has worsened economic bottlenecks. The commander-in chief <a href=\"https:\/\/www.dailywire.com\/news\/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki\" target=\"_blank\" rel=\"noopener\">nixed<\/a> After his entry into office, he expanded the Keystone Pipeline and leased less federal land to oil drilling than his predecessors. Public records are also available <a href=\"https:\/\/www.dailywire.com\/news\/top-biden-officials-responsible-for-leading-supply-chain-task-force-never-even-showed-up-to-meetings-report\" target=\"_blank\" rel=\"noopener\">show<\/a> that the administration\u2019s task force on the supply chain crisis produced little to no results as Agriculture Secretary Tom Vilsack never attended meetings and Transportation Secretary Pete Buttigieg took a two-month paternity leave.<\/p>\n<p>Karine Jean-Pierre, White House Press Secretary <a href=\"https:\/\/www.dailywire.com\/news\/karine-jean-pierre-gives-non-answers-on-massive-tech-layoffs\" target=\"_blank\" rel=\"noopener\">said<\/a> Last week, Biden \u201cinherited an economic crisis and turned it into the strongest two years of job growth on record,\u201d Even prominent technology companies can be a part of it <a href=\"https:\/\/www.dailywire.com\/news\/the-white-house-brushed-off-concerns-about-mass-firings-at-microsoft-and-amazon-now-google-is-laying-off-employees-too\" target=\"_blank\" rel=\"noopener\">announced<\/a> Mass layoffs. She dismissed all concerns that cuts might lead to higher unemployment in the economy. \u201cWe\u2019re seeing the President\u2019s economic policy actually working. And I think that\u2019s important as well,\u201d She spoke. \u201cIs there more work to do? Always more work to do, and you hear that from us as well.\u201d<\/p>\n<p>Prices have slowed in certain areas, with year-over-year inflation falling from 7.1% in November and 6.5% in December to 6.5% respectively. Janet Yellen is the Treasury Secretary. <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-says-inflation-has-been-quite-moderate-quite-low-for-the-last-six-months\" target=\"_blank\" rel=\"noopener\">remarked<\/a> Inflation \u201chas really been quite moderate, quite low for the last six months or so,\u201d Even though prices rise, they remain well above the 2% annual rate that was seen before the lockdown-induced depression.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The American economy grew at a 2.9% annualized rate in the fourth quarter of 2022, slightly surpassing expectations even as recessionary concerns loom. Real gross domestic product, the sum of all final goods and services produced in the economy adjusted for inflation, expanded at a slower pace than the 3.2% annualized rate seen in the &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1365639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[8016,9168,4567,7032,16554,16553,7509,10069],"class_list":["post-1824757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-8016","tag-economy","tag-fears","tag-fourth","tag-grew","tag-loom","tag-quarter","tag-recession"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1824757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1824757"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1824757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1365639"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1824757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1824757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1824757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}