February 10, 2023
The US economy expanded faster-than-expected in the third quarter of 2022, with real gross domestic product growing at an annual rate of 3.2%, recovering from a 0.6% contraction in the previous quarter. Strong third-quarter growth was welcome news at a time of mounting pessimism, as a December 2022 Bloomberg survey of economists put the likelihood of a recession in 2023 at 70%, up from 50% in September.
The industries that added the most value to the US economy in the third quarter of 2022 were information, which contributed 0.88 percentage points to real GDP growth; professional, scientific and technical services, which contributed 0.59 points of growth; and mining – including oil and gas exploration – which contributed 0.5 points.
However, not all states reported third-quarter GDP growth, and among those that did, growth rates varied significantly.
Utah’s economy grew to $191.9 billion in the third quarter from $190.7 billion in the second quarter of 2022. The annualized expansion rate of 2.5% was the 23rd largest of the 47 states that reported economic growth.
During the same period, Utah unemployment rose to 2.1% at the end of the third quarter from 2.0% at the end of the second quarter.
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