U.S. Economy Expands at 2.6% in Third Quarter After 2 Quarters of Negative Growth

U.S. Economy Expands at 2.6% in Third Quarter After 2 Quarters of Negative Growth

The United States economy expanded at a 2.6% annual rate in the third quarter, the United State Department of Commerce reported Thursday. 

The rebound stopped a streak of back-to-back quarters of negative growth that had “technically” put the country in a recession. 

"The increase in the third quarter primarily reflected increases in exports and consumer spending that were partly offset by a decrease in housing investment," said the U.S Commerce Department. 

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See the report HERE.

“Between the lines,” writes Axios. “The latest GDP report is among the final major economic data releases before the midterm elections, where voters have ranked the economy as a critical issue.

"The labor market is solid, with the unemployment rate at the lowest level in over 50 years. But soaring inflation has eaten away at Americans' wage gain,” Axios continued.