The United States (U.S.) economy is reported to have finished 2022 in a strong state despite the question of whether growth will turn negative next year.
Fourth-quarter gross domestic product, which takes into account the sum of all goods and services produced for the period from October to December, rose at an annual rate of 2.9%, the Commerce Department reported Thursday. Economists polled by Dow Jones even expected a reading of 2.8%.
Quarterly growth was slower than the 3.2% rate in the third quarter. Consumer spending rose 2.1% for the period, down slightly from 2.3% in the previous period but still positive.
Inflation readings are moving much lower. The price index for personal consumption expenditures rose 3.2%, in line with expectations but down sharply from 4.8% in the third quarter. Excluding food and energy, the chain-weighted index rose 3.9%, down from 4.7%.
S&P 500 futures rose modestly Thursday after fourth-quarter domestic output beat expectations. Investors also pored over the latest batch of corporate earnings.
Futures tied to the broad index traded up 0.58%, while Nasdaq-100 futures rose 1.1%. Dow-linked futures traded 81 points, or 0.24% higher.
The US dollar index which measures the US dollar against six major currencies traded slightly firmer at 0.09% to trade at 101.490.
