The US economy logged better than expected growth in the final quarter of 2022, even as the Federal Reserve’s aggressive campaign to raise borrowing costs began to weigh more heavily on business activity.
The world’s largest economy expanded 2.9 per cent on an annualised basis between September and December, according to data published by the commerce department on Thursday, slightly higher than economists’ forecasts of a 2.6 per cent increase. That marked a slowdown from 3.2 per cent growth in the third quarter, reflecting the steps the US central bank has taken to damp demand.
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