Despite inflation, U.S. GDP grew last quarter

By Larry John Brown

Published: October 27, 2022 | 1:44 PM GMT

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.

About Larry John Brown

Larry John is a talented writer and journalist based in New York, USA. He is a valued contributor to TDPel Media, where he creates engaging and informative content for readers. Larry has a keen interest in current events, business, and technology, and he enjoys exploring these topics in-depth to provide readers with a comprehensive understanding of the issues. His writing style is characterized by its clarity, precision, and attention to detail, which make his articles a pleasure to read. Larry’s passion for storytelling has earned him a reputation as a skilled writer and a respected authority in his field.