U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom

The U.S. economy finished 2022 in solid shape even as questions persist over whether growth will turn negative in the year ahead.

Fourth-quarter gross domestic product, the sum of all goods and services produced for the October-to-December period, rose at a 2.9% annualized pace, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had expected a reading of 2.8%.

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The growth rate was slightly slower than the 3.2% pace in the third quarter.

Stocks turned mixed following the report while Treasury yields were mostly higher.

Consumer spending, which accounts for about 68% of GDP, increased 2.1% for the period, down slightly from 2.3% in the previous…