WATCH LIVE: White House holds press briefing after economy grew by 2.6% in latest GDP report

Karine Jean-Pierre
White House press secretary Karine Jean-Pierre suggested Wednesday that President Joe Biden and administration were not concerned by Biden’s viral, split-screen moment from the day prior. Patrick Semansky/AP

WATCH LIVE: White House holds press briefing after economy grew by 2.6% in latest GDP report

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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.

© 2023 Washington Examiner

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