Headline RoundupJanuary 26th, 2023

US Economy Grew 2.9% in Q4, and Grew 2.1% Overall in 2022

Summary from the AllSides News Team

The U.S. economy grew 2.9% in the fourth quarter of 2022, and 2.1% overall for the year, according to the Bureau of Economic Analysis.

The Details: Economists cited across the political spectrum expected 2.6% gross domestic product (GDP) growth in Q4. The 2.9% jump followed 3.2% GDP growth in Q3. In contrast, GDP fell in the first half of 2022, after growing 5.9% in 2021 as the economy bounced back from the COVID-19 pandemic. GDP is the sum of all goods and services the economy produces in a given period.

Key Quotes: The BEA report said the GDP growth "reflected increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment and exports."

How the Media Covered It: Some left- and center-rated sources, such as CNBC and CNN Business, framed the data as "better than expected" in the context of economists' predictions, rising interest rates, recession fears, and persistent inflation. Some right-rated sources, such as Fox Business, said the data showed how the economy had "cooled slightly" after growing more in Q3. 

Featured Coverage of this Story

More headline roundups

AllSides Picks

More News about Economy and Jobs from the Left, Center and Right

From the Left

From the Center

From the Right