03.09.23 How’s The US Economy Doing? Not so well as Tom and Shane Explain

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How is the US Economy doing? Gross domestic product (GDP) fell in the first half of 2022 but grew in the second half. GDP reached $25.5 trillion in 2022. Year-over-year inflation, the rate at which consumer prices increase, was 6.5% in December 2022. The Federal Reserve raised interest rates seven times in 2022 and again on February 1, 2023, to curb inflation. When accounting for inflation, workers’ average hourly earnings were down 1.7% in December 2022 compared to a year prior. Tom and Shane break down the numbers.  

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