US economy returned to growth last quarter, expanding 2.6%

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The Associated Press

WASHINGTON (AP) – The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue.

The better-than-expected government estimate showed that the gross domestic product grew in the third quarter after having shrunk in the first half of 2022.

Overall, though, the outlook for the economy has darkened. The Federal Reserve has raised interest rates five times this year and is set to do so again next week and in December.

Concern about the likelihood of a recession next year has been growing.

Read the full story on AP News right here.

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10/27/2022 4:01:33 PM (GMT -5:00)

 

Categories: Regional and US News