The U.S. economy has grown even more between July and September than the government’s initial estimates suggested.
Despite fears of a recession looming, the U.S. economy has grown at a 2.9 percent annual rate in the months between July and September—even more than analysts had estimated a month ago.
On Wednesday, the Bureau of Economic Analysis (BEA) published revised GDP data for the third quarter of 2022, saying that U.S. real gross domestic product (GDP) increased at an annual rate of 2.9 percent—0.3 percent more than estimated in last month’s advance data. U.S. GDP had fallen for two consecutive quarters at the beginning of the year, leading many to say the U.S. had slipped into a recession.
But the U.S. economy is moving forward, even if growth is slow.
This GDP increase in the third quarter reflects growth in exports, consumer spending, non-residential fixed investment, federal government spending, and state and local government spending.
