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The third quarter GDP report on the US economy points to an economic recovery and quells fears of an impending recession, President Joe Biden’s key economic adviser has said.
The US economy grew at a better-than-expected 2.6 per cent annual rate from July through September, snapping two straight quarters of economic contraction and overcoming high inflation and interest rates.
Thursday’s estimate released by the Commerce Department revealed that the country’s GDP grew in the third quarter after having shrunk in the first half of 2022.
I think, we have some real momentum here, Jared Bernstein, member of the White House Council of Economic Advisers, told PTI on Thursday.
Referring to the latest report on the US economy, Bernstein said: That’s a solid growth rate and it means that the economy expanded in the third quarter of this year.
For months, doomsayers have been arguing that the US economy is in recession and Congressional Republicans have been rooting for a downturn.
But Bernstein reckoned that the GDP report points to a more upbeat snapshot of the US economy.
