Categories: Economy

The US economy grew 2.9 percent in the third quarter

Annualized growth in the US was 2.9 percent in the third quarter. Expectations were for growth to be 2.8 percent in the third quarter.

With the figures from the Ministry of Commerce announced today, the main data has been revised upwards. The preliminary data was that US GDP rose 2.6 percent in the third quarter of this year compared to the same period a year earlier.

RECESSION CONCERNS RISE

After contracting 1.6 percent in the first quarter of the year, the country’s economy contracted 0.6 percent in the second quarter, pointing to a recession. The increase in interest rates by the US Federal Reserve in the face of high inflation in the US reinforced the stagnation of the economy.

US October consumer inflation eased to 7.7 percent annually, while monthly CPI was 0.4 percent. Inflation, which was reported below expectations, raised expectations that the Fed would ease.

usa growth economy inflation euro zone euro central bank

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.