GDP Report Shows U.S. Economic Growth in Third Quarter
The turnaround was touted by the Biden administration
The U.S. economy grew at an annual rate of 2.6 percent in the third quarter, registering its first increase in 2022 less than two weeks before the midterm elections. The report on gross domestic product, released today by the Bureau of Economic Analysis (BEA), reflected a narrowing trade deficit with American retailers importing fewer items and exporting more goods and services, including travel.
The turnaround was touted by the Biden administration and congressional Democrats, who are seeking to allay voter concerns about inflation ahead of the elections.
“Today, we got further evidence that our economic recovery is continuing to power forward,” President Joe Biden said earlier today. “Our economy has created 10 million jobs, unemployment is at a 50-year low, and U.S. manufacturing is booming. Now, we need to make more progress on our top economic challenge: bringing down high prices for American families.”
Republican lawmakers warned that economic growth is “fleeting” and likely to retract in coming months.
“Key drivers of the economy, such as investment and consumer spending, shrunk again,” said Rep. Kevin Brady (R-TX), ranking member on the House Ways and Means Committee. “These are alarming red flags for the current stagnant economy, signaling the worst is yet to come.”
This article was provided to OSAP by ASAE's Power of Associations and Inroads.