But I’m sure it’s bad news for Biden… Dean Baker has the details: GDP Grow 2.9 Percent in 4th Quarter, Driven by Inventories and Service Consumption GDP growth was in line with expectations, with the economy expanding at 2.9 percent annual rate, down slightly from the 3.2 percent rate in the third quarter. Inventory accumulation was the largest single factor, adding 1.46 percentage points to the quarter’s growth. Service consumption added 1.16 percentage points, while a smaller trade deficit added 0.56 percentage points. Housing was a major drag, with residential investment subtracting 1.29 percentage points from growth. The quarter is likely to again show a healthy rate of productivity growth. Payroll hours increased at a 1.1 percent rate in the quarter. A sharp rise in people reported that they are self-employed is likely to raise hours growth to around 1.5 percent, leaving productivity growth in the range of 1.4 percent. This compares to reported declines in productivity in the first half of 2022. The turnaround in productivity will help to alleviate inflationary pressure going forward. Consumption Growth Moderates in Fourth Quarter Overall consumption grew at just a 2.1 percent annual rate in the fourth quarter, down from a 2.3 percent rate in the third quarter. Goods consumption continued to be outpaced by service, rising at a 1.1 percent annual rate, compared to the 2.6 percent rate for services. This reversing the shift to goods consumption caused by the pandemic. The rise in goods consumption follows three quarters in which it…