After declining in back-to-back quarters, the U.S. GDP - gauge of economic output - grew at an annual rate of 2.6% in the 3Q of CY 2022, according to Commerce Department estimates. Consumer spending, about 70% of economic activity, expanded at a 1.4% annual pace from July-thru-September, down from a 2% from April-thru-June. Economists noted that the 3Q gain can be traced entirely to the surge in exports. The outlook for the economy has darkened. The Fed has raised interest rates five times in 2022 and is set to do so again next week and in December. Chair Jerome Powell has warned that the Fed’s hikes will bring “pain” in the form of higher unemployment and possibly a recession. (The AP 10/27/22) US economy returned to growth last quarter, expanding 2.6% | AP News
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