US economic growth likely slowed in January-March quarter
Despite surging interest rates, punishing inflation and global turbulence, the U.S. economy stood firm last year
WASHINGTON (AP) — Despite surging interest rates, punishing inflation and global turbulence, the U.S. economy stood firm last year. From employers to consumers, the picture was one of surprising resilience.
This year may be shaping up as a more downbeat story. The economy is widely expected to decelerate steadily and to slip into a recession sometime this year.
Some early such signs could begin to emerge Thursday, when the Commerce Department will issue its first estimate of the economy’s performance in the first three months of 2023.
Forecasters have predicted that the gross domestic product — the broadest measure of economic output — grew at a 1.9% annual rate from January through March, according to a survey by the data firm FactSet. That would mark a significant slowdown from the 3.2% growth rate from July through September and the 2.6% rate from October through December.
