The Economy Lost Momentum at the End of Q4-2022
Source: Economics Group of Wells Fargo Bank, N.A.Summary Real GDP grew at an annualized rate of 2.9% in the fourth quarter relative to Q3-2022. The outturn was a bit stronger than the consensus expectation, and it represents the second consecutive quarter of above-trend GDP growth. That noted, the underlying spending components were not quite as impressive. Moreover, monthly data indicate that while the economy came into the fourth quarter with solid momentum, it ended the quarter with a distinct loss of momentum. Growth likely will be weak, at least relative to the last two quarters of 2022, in Q1-2023. READ FULL ARTICLE>>