Despite inflation, U.S. GDP grew last quarter
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Despite inflation, U.S. GDP grew last quarter

The U.S. economy grew at a 2.6% annual pace from July through September, the government reported Thursday, marking a remarkable return from the first two quarters of the year, when the nation’s gross domestic product contracted.

Consumers and businesses are coping with soaring inflation, and rising interest rates are fast chilling the property market. And the prognosis for the global economy becomes more dismal as Russia’s war against Ukraine continues.

According to FactSet, economists had predicted the economy would grow at a 2% annual rate in the third quarter. The GDP increase in the third quarter reverses yearly decreases of 1.6% from January to March and 0.6% from April to June.

—Based on Associated Press reporting.

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