Despite high interest rates and chronic inflation, the United States economy grew at a 2.9 percent annual rate from July through September, the government has said in a healthy upgrade from its initial estimate.Last quarter’s rise in the US gross domestic product – the economy’s total output of goods and services – followed two straight quarters of contraction. That decline in output had raised fears that the economy might have slipped into a recession in the first half of the year despite a still-robust job market and steady consumer spending.Since then, though, most signs have pointed to a resilient if slow-moving economy, led by steady hiring, plentiful job openings and low unemployment. Wednesday’s government report showed that the restoration of growth in the July-September period was led by solid gains in exports and consumer spending that was stronger than originally reported.
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