GDP data will show whether economy grew or shrank at the end of 2022.
Customers shop at a grocery store in the Brooklyn, New York, Dec. 13, 2022.The U.S. economy grew robustly at the end of last year, defying recession fears and weathering an aggressive series of interest rate hikes from the Federal Reserve, government data showed.
The National Bureau of Economic Research, a research organization seen as the formal authority for identifying recessions, uses a more complicated definition that takes into account an array of factors. It did not declare a recession last year. Still, most economists expect a recession later this year, as interest rate hikes weigh on the economy, according to a survey released by Bloomberg last week. Forecasters expect gross domestic product to fall over the second and third quarters of this year, the survey found.
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