US economy rebounds as businesses and consumers show resilience

Records first increase this year at 2.6%, following two quarterly contractions

US economy, Economy
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Photo: Bloomberg

Bloomberg
The US economy rebounded following two quarterly contractions thanks in part to resilient consumers and businesses, though inflation and higher interest rates leave growth vulnerable in the coming months. 
 
Gross domestic product rose at a 2.6 per cent annualised rate in the July to September period after falling for the first two quarters, the Commerce Department’s preliminary estimate showed on Thursday. Personal consumption, the biggest part of the economy, climbed at 1.4 per cent, better than forecast but still a slowdown from the prior quarter.
 
The median projection in a Bloomberg survey of economists called for a 2.4 per cent

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First Published: Oct 28 2022 | 12:05 AM IST

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