U.S. GDP Increases By 2.6% Annual Rate in Third Quarter, Above Forecast

Tiger Newspress2022-10-27

The U.S. economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing inflation fears, the Bureau of Economic Analysis reported Thursday.

GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for 2.3%.

That reading follows consecutive negative quarters to start the year, meeting a commonly accepted definition of recession, though the National Bureau of Economic Research is generally considered the arbiter of downturns and expansions.

U.S. initial jobless claims rise 3,000 to 217,000 in October 22 week; U.S. core durable goods orders fall 0.7% in September; Continuing jobless claims rise 55,000 to 1.44 million.

Stock-index futures higher after GDP, other economic data.

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