WATCH LIVE: White House holds press briefing after economy grew by 2.6% in latest GDP report
Samuel Schaffer
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The White House is hosting a press briefing following the third and final gross domestic product estimate release for the fourth quarter of 2022.
The economy grew at a 2.6% annual rate in the fourth quarter of last year, the Bureau of Economic Analysis reported Thursday in a revised estimate.
GDP GREW AT 2.6% RATE IN FOURTH QUARTER OF 2022 DESPITE PRESSURE FROM RISING RATES
The release includes information on industry and corporate profits, which is only included in the third estimate when accounting for the last quarter of the year, according to the U.S. Bureau of Economic Analysis.
The economy grew 2.1% for all of 2022 in a year marked first by recession fears and then by the biggest surge of inflation in decades, which prompted a campaign by the Federal Reserve to increase interest rates.
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The Fed opted to hike interest rates again in an effort to curb inflation despite the collapse of Silicon Valley Bank earlier this month. The central bank raised rates by a quarter of a percentage point.
The press briefing is scheduled to start at 2 p.m. EST.