The third estimate of gross domestic product revealed the U.S. economy advanced at a 6.9% annualized rate in the fourth quarter of last year, which was little changed from the previous two estimates, according to a report released today by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 2.3%. The report shows that corporate profit margins slipped to 12.2% in the fourth quarter, signaling that the higher-cost economic environment is beginning to eat into firms’ profitability, economists with Wells Fargo Economics said in an analysis. “Overall as demand softens we look for profit growth to slow this year,” the economists wrote. “Our latest forecast has real GDP rising 3.0% for 2022 as a whole and corporate profits advancing roughly 8%.”