U.S. economy slowed, but still expanded at 2.9% rate last quarter
The U.S. economy maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the end of the year, with higher interest rates eroding demand.
Retail sales have weakened sharply over the last two months and manufacturing looks to have joined the housing market in recession. While the labour market remains strong, business sentiment continues to sour, which could eventually hurt hiring. But demand for long-lasting manufactured goods, which are mostly bought on credit, has fizzled and some households, especially lower income, have depleted their savings. Business spending also lost some lustre as the fourth quarter ended.
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