US GDP Growth Rules Out Recession
2022.11.30 09:01
US GDP Growth Rules Out Recession
Budrigannews.com – In the summer, strong consumer spending outpaced a drag from a glut of corporate inventories, and as a result, the U.S. economy expanded more quickly than initially anticipated.
The Bureau of Economic Analysis reported on Wednesday that growth came in at a rate of 2.9% annually, as opposed to the 2.6% that had been anticipated. A smaller upward revision of only 0.1 percentage point to 2.7% had been anticipated by economists.
The BEA said , which rose an annualized 1.7%, was the greatest element behind the update, alongside non-private confidential venture.
The figures also got a boost from a drop in imports because U.S. retailers had no idea that the highest level in 40 years would cause a slowdown, so they scrambled to reduce their orders.
