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WATCH: US GDP Expands as Initial Jobless Claims Fall
Source: Bloomberg
US GDP beats estimates. China’s travel frenzy shows recovery. US targets Chinese satellite company in Russia sanctions push. Here’s what you need to know today.
The US economy beat expectations in the last quarter of 2022, posting the kind of mild slowdown that the Fed wants to see as it attempts to tame inflation without choking off growth. GDP rose at a 2.9% annualized pace, down from 3.2% in the third quarter. A separate report on labor markets also pointed to a resilient economy. Nonetheless, a recession remains a big risk this year.