1-31-23 gdp slowdown

The U.S. economy expanded at a 2.9 percent annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession.  Retired Ripon College economist Paul Schoofs says the slowdown was expected.  Schoofs says he anticipates the economy will slow further in the current quarter.  The economy got a boost last quarter from resilient consumer spending and the restocking of supplies by businesses.  Federal government spending also helped lift GDP.