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Does This GDP Report Mean We Avoided a Recession?
Posted
November 7, 2022
Views
694
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17
Comments
6
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3.31%
November 7, 2022
694
17
6
3.31%
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1:09Now PlayingAre we heading for a recession or did we just avoid one?
That’s the question everyone’s asking after gross domestic product rose at a 2.6% annualized rate in the third quarter, according to a preliminary estimate Thursday from the Commerce Department. The uptick follows two consecutive quarters of contractions, which some consider a recession.
Resilient consumers and businesses are largely behind the latest jump, with personal consumption — the largest contributor to the economy — increasing at a 1.4% pace, which was better than forecast but also a slowdown from the prior quarter.
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