The Clap
The US economy grew by 2.6% annually during Q3 2022, breaking two consecutive quarters of contraction.
The Deets
Despite high inflation and increased interest rates, GDP recorded growth during Q3, on the back of increased exports and steadying consumer spending.
So What
The growth recorded in Q3 helped recover the annual declines of 1.6% and 0.6% during Q1 and Q2 respectively.
Global economies continue to be impacted by several factors, from the supply chain crisis to the Russia-Ukraine war and the shortages it caused in commodities.
Now What
The economy is still expected to struggle, as more interest rate hikes are expected in an effort to combat inflation. The aggressive interest rate hikes may push the economy into a recession and increase unemployment.
