US Economy Expands At 2.6% In Q3, Grows For First Time This Year

Economic performance was helped by strong trade, even as weaker consumer spending on goods casts a pall on growth as higher prices bite.

The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President Joe Biden days ahead of midterm elections, government data showed Thursday.

Economic issues have become a flashpoint in the United States, with decades-high inflation weighing on growth and squeezing households.

Fears of a downturn have intensified in the world's biggest economy after two quarters of negative growth, commonly viewed as a strong signal that a recession is underway -- a trend that would have global consequences and domestic political costs.

But gross domestic product rose at an annual rate of 2.6 percent in the July to September period, according to the latest Commerce Department data.