US economy grows despite cost of living strains

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By Natalie Sherman

Business reporter, New York

The US economy fared better than expected at the end of last year, despite higher borrowing costs and the rising cost of living weighing on activity.

The economy grew at an annual rate of 2.9% in the last three months of 2022, the US Commerce Department said.

That was down from 3.2% in the prior quarter, as the housing market slumped.

Analysts are worried that the US economy is headed for a slowdown, though the jobs market has held up.

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