U.S. economy grew 2.8% last quarter, powered by consumer spending
CBSN
The U.S. economy grew at a 2.8% annual pace last quarter as consumers continued to open their wallets despite elevated interest rates.
Forecasters expected the country's gross domestic product — the total value of goods and services produced in the U.S. — to come in at 2.6% in the three-month period ended in September, according to a survey of economists by the data firm FactSet.
The American economy, the world's biggest, has shown surprising resilience in the face of sharply higher borrowing rates as the Federal Reserve tightened monetary policy in a bid to tame inflation. Despite widespread predictions that the economy would succumb to a recession, however, it has kept growing, with hiring and consumer spending holding steady.
Spirit Halloween pop-up costume shops have become ubiquitous and virtually synonymous with the October dress-up holiday in some cities.
Teri Garr, the quirky comedy actor who rose from being a background dancer in Elvis Presley movies to co-star in such favorites as "Young Frankenstein" and "Tootsie," has died, CBS News confirmed. She was 79.
Washington — Crime is a focal point of former President Donald Trump's bid for the White House, and he and Vice President Kamala Harris have both been working to assume the mantle of the tough-on-crime candidate.
Donald Trump's media company is enjoying a stock market resurgence, with shares of Trump Media & Technology Group soaring on Tuesday as betting markets now wager the former president is favored to win in the November 5 election.
A recall involving Dynacare baby powder potentially tainted with asbestos has been expanded to include additional cases of the product shipped to 35 states and sold online on Amazon, according to a notice posted by the U.S. Food and Drug Administration.
Washington — Ballot drop boxes were set on fire in two states, Washington and Oregon, just a week ahead of Election Day, as authorities were already on high alert for the possibility of violent incidents driven by claims of election fraud — including the sabotage of ballot drop boxes.
U.S. State Department spokesperson Matthew Miller said in a briefing on Monday that the Biden administration was deeply concerned about a vote by Israel's parliament to pass two laws that could prevent the U.N. agency for Palestinian refugees — the largest aid provider in Gaza — from operating in the Palestinian territories.
Jeff Bezos on Monday defended the Washington Post's decision not to endorse a presidential candidate as "principled," with the billionaire founder of Amazon.com arguing Americans believe the media is biased. Bezos, who bought the newspaper in 2013, also pushed back against any notion that he ordered it up to protect his business interests.
A middle-aged Iowa resident who recently traveled to West Africa has died from Lassa fever, state health officials confirmed Monday.
JPMorgan is suing customers it alleges took advantage of a technical glitch to steal thousands of dollars from the bank at ATMs.
