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Special Report

GDP Research Brief

1Q 2022

GDP Growth Strong in Fourth Quarter;
Fed Actions To Play Large Role in 2022

Economy exceeds expectations in fourth quarter. Annualized gross domestic product jumped 6.9 percent in the final period of last year, largely on the back of an increase in inventories. Personal expenditures contributed nearly 2.3 percent to last quarter’s gain, primarily due to holiday spending that was spread throughout the period. Much of the positive momentum could carry into 2022. While the influence of stimulus on capital markets is fading, the ongoing labor shortage is applying upward pressure to wages, supporting greater consumer spending. Ultimately, growth prospects could hinge on the Federal Reserve’s response to ongoing economic headwinds, most notably high inflation.

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