Biden Gets Good News On Q3 Economic Growth

CNBC reports:

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.

The Associated Press reports:

Jobless claims for the week ending Oct. 22 inched up by 3,000 to 217,000 from 214,000 the previous week, the Labor Department reported Thursday. The four-week moving average rose to 219,000 from 212,250 the previous week.

Applications for jobless claims, considered a proxy for layoffs, have remained historically low even as the Federal Reserve has cranked up its benchmark borrowing rate in an effort to cool the economy and tame inflation.

U.S. economy grows 2.6% in third quarter, reversing a six-month slump https://t.co/sgOlheK38P

— The Washington Post (@washingtonpost) October 27, 2022