GDP Grows 2.6%John Carney 27 Oct 2022
The U.S. economy over this summer clawed its way out of the hole it had been squirming through in the first half of the year.
Gross domestic product, a key barometer of economic output, grew 2.6 percent in the third quarter of the year, the Commerce Department said Thursday. That followed two consecutive quarters in which the economy contracted, a traditional marker of a recession.
The reprieve from economic contraction may be brief. A consensus of economists expects the economy will be in a recession in the next 12 months as the Federal Reserve tightens financial conditions in an effort to squeeze excessive inflation out of the economy. Nearly 60 percent of the American public believes the economy already is in a recession.
Economists had expected GDP would grow at a seasonally-adjusted, annualized rate of 2.3 percent after adjusting for inflation. In the first quarter of the year, the economy shrank at a 1.6 percent rate. In the second quarter, it shrank 0.6 percent.
The estimates of GDP are frequently revised from the figures first reported a month after the close of the quarter. The first quarter was initially reported as a 1.4 percent contraction and revised down in each of the two subsequent monthly estimates. The second quarter was initially reported as a 0.9 percent contraction and was revised up.
GDP is a composite of factors that add and subtract from the topline number. On the plus side, exports grew and imports fell, consumer spending rose, business investment in structures was up, federal government spending increased, as did state and local government spending. The minuses were a decline in housing and private inventory investment by businesses.
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https://www.breitbart.com/economy/2022/10/27/third-quarter-2022-gdp/