US economy rebounds in Q3 on boost from trade, but demand is stalling
(VOVWORLD) - The US economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates, according to the Commerce Department's advance third-quarter gross domestic product report released on Thursday.
 Long Beach port in California. (Photo: AFP/ VNA)) |
Stronger exports and consumer spending, backed by a healthy job market, helped restore growth to the world’s biggest economy. But the outlook for the overall economy has darkened.
The Fed has raised interest rates five times this year and is set to do so again next week and in December.
The Commerce Department's latest GDP report was made at a time when worries about a possible recession are rising just as midterm elections are about to begin.