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U.S. economy grew 2.8% last quarter, powered by consumer spending (www.cbsnews.com)

submitted 2 weeks ago by tardigrada@beehaw.org to c/usnews@beehaw.org

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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 latest GDP figure is down slightly from the second quarter's growth of 3%.

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.

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[–] tardigrada@beehaw.org 5 points 2 weeks ago (1 children)

Yeah, they say inflation is high in the U.S. But wait until a Trump administration has deported all the farm workers ...

[–] sonori@beehaw.org 2 points 2 weeks ago

Don’t forget that 20% tax on all foreign goods and a 60% tax on everything made in China, which will definitely cause prices to go down./s