US Economy Slows to 0.7% Growth, Job Market Weakens
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
U.S. economy grew at a dismal 0.7% annual rate in Q4 2022, a stark contrast to the previous quarters 4.4% growth. Federal spending plummeted due to the government shutdown, while consumer spending and business investment showed modest growth. The full year GDP expanded by 2.1%, slower than expected, with exports contributing to the slowdown. Economists attribute the softening economy to the shutdown and weak consumer growth. The job market remains sluggish, with job cuts and minimal hiring, and higher oil prices add to the uncertainty.
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