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US growth expected to slow in Q4 as downturn fears loom

Economic activity has been easing as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged.

January 26, 2023 / 11:22 AM IST
Growth

Growth

The US economy is forecast to have grown but at a slower pace in the final months of 2022, helped by consumption and business investment although recession fears loom.

Economic activity has been easing as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged.

The property sector has slumped, followed by declines in manufacturing and retail sales.

Against this backdrop, the world's biggest economy is seen to expand 2.6 percent in the October to December period, according to a consensus forecast of analysts, down from 3.2 percent in the third quarter last year.