- October 27, 2022
- Posted by: Stratford Team
- Category: Economy
WASHINGTON (AP) — The U.S. economy grew at a better-than-expected 2.6% annual rate from July through September, snapping two straight quarters of economic contraction and overcoming punishingly high inflation and interest rates.
Thursday’s estimate from the Commerce Department showed that the nation’s gross domestic product — the broadest gauge of economic output — grew in the third quarter after having shrunk in the first half of 2022. Stronger exports and steady consumer spending, backed by a healthy job market, helped restore growth to the world’s biggest economy.
WATCH: Jobs report shows economy, employment market cooling as questions of recession remain
Consumer spending, which accounts for about 70% of U.S. economic activity, expanded at a 1.4% annual pace, down from a 2% rate from April through June. Last quarter’s growth also got a boost from exports, which shot up at an annual pace of 14.4%.
Housing…
