1/ The U.S. economy grew in the third quarter, marking its first increase in 2022 after two straight quarters of decline. GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period. However, the inflation-adjusted GDP last quarter was about the same as where it was at the end of 2021. The Commerce Department also reported that consumer spending – which makes up more than two-thirds of the economy – grew but at a slower pace than in the prior quarter, and investments in residential housing fell at an annual rate of about 26%. The Federal Reserve, meanwhile, has raised interest rates five times this year and is set to do so again next week and in December as inflation remains near a 40-year high. (Politico / Wall Street Journal / Bloomberg / Washington Post / New York Times / CNBC / NPR / CNN)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2022/10/27/day-646/