US Economic Growth Revised Down to 2.6% Last Quarter.

The US economy grew at a 2.6% annual pace in Q4 2022, down from the previous estimate of 2.7%, with consumer spending revised sharply down. The report suggests that the economy was losing momentum at the end of 2022, and most economists predict a sharp slowdown in the current quarter due to rising interest rates. The economy is expected to slide into a recession later this year, with the financial conditions that led to the collapse of two major banks expected to slow the economy further. The job market remains robust, but inflation is a concern.