The U.S. economic system grew at a 2.6% annual fee from July by September, the federal government stated Thursday — a powerful rebound after the nation's gross home product shrank within the first two quarters of the 12 months.
The resurgence comes as customers and companies are grappling with searing inflation and as rising rates of interest quickly cool the housing market. And the outlook for the world economic system grows bleaker the longer that Russia's warfare in opposition to Ukraine drags on.
Economists had forecast the economic system grew at a 2% annual fee within the third quarter, in accordance with the information agency FactSet. The third-quarter GDP bounce reverses annual declines of 1.6% from January by March and 0.6% from April by June.
—With reporting by the Related Press.