US GDP Rose by Forecast-Beating 2.9 Percent Last Quarter, but Experts See Weakness Behind the Numbers
The real gross domestic product (GDP) of the United States grew at an annual rate of 2.9 percent in the third quarter of 2022, increasing more than the advance estimate of 2.6 percent issued by the Bureau of Economic Analysis (BEA) last month, but expert analysts are warning against premature celebrations amid a looming recession.
During the second quarter, real GDP went down by 0.6 percent. “The second estimate primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased more than previously estimated,” said the latest BEA report….