The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of economic contraction.
By PAUL WISEMAN, AP Economics Writer WASHINGTON — The U.S. economy grew at a 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.
People are also reading… The government's latest GDP report comes as Americans, worried about inflation and the risk of recession, have begun to vote in midterm elections that will determine whether President Joe Biden's Democratic Party retains control of Congress. Inflation has become a signature issue for Republican attacks on the Democrats' stewardship of the economy. Full story:
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