{"id":519106,"date":"2022-11-30T19:20:41","date_gmt":"2022-11-30T16:20:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/gdp-revised-up-to-2-9-for-third-quarter\/"},"modified":"2022-11-30T19:20:41","modified_gmt":"2022-11-30T16:20:41","slug":"gdp-revised-up-to-2-9-for-third-quarter","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/gdp-revised-up-to-2-9-for-third-quarter\/","title":{"rendered":"#GDP revised up to 2.9% for third quarter"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a261ee377555\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a261ee377555\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/gdp-revised-up-to-2-9-for-third-quarter\/#%E2%80%9CGDP_revised_up_to_29_for_third_quarter%E2%80%9D\" >&#8220;GDP revised up to 2.9% for third quarter&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CGDP_revised_up_to_29_for_third_quarter%E2%80%9D\"><\/span>&#8220;GDP revised up to 2.9% for third quarter&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Despite high interest rates and chronic inflation, the US economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate.<\/p>\n<p>Last quarter\u2019s rise in the gross domestic product \u2014 the economy\u2019s total output of goods and services \u2014 followed two straight quarters of contraction. That decline in output had raised fears that the economy might have slipped into a recession in the first half of the year despite a still-robust job market and steady consumer spending.<\/p>\n<p>Since then, though, most signs have pointed to a resilient if slow-moving economy, led by\u00a0steady hiring, plentiful job openings and low unemployment. Wednesday\u2019s government report showed that the restoration of growth in the July-September period was led by solid gains in exports and consumer spending that was stronger than originally reported.<\/p>\n<p>\u201cDespite higher borrowing costs and prices, household spending \u2013 the driver of the economy \u2013 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be holding, which is a positive development for the near-term outlook,\u2033 said Rubeela Farooqi, chief US economist at High Frequency Economics.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economy-gdp-q3.jpg?w=1024\" alt=\"Shopper at a Target store\" class=\"wp-image-24839249\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economy-gdp-q3.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economy-gdp-q3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economy-gdp-q3.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Retailers say inflation-weary shoppers are shopping cautiously, with many holding out for the most attractive bargains.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>It marked the second of three estimates the Commerce Department will provide of economic expansion in the third quarter. In its initial estimate, the department\u00a0had estimated that the economy grew at a 2.6% annual rate\u00a0last quarter.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Economists expect the economy to eke out modest 1% annualized growth from October through December, according to a survey of forecasters conducted by the Federal Reserve Bank of Philadelphia. The nation\u2019s\u00a0manufacturing sector is slowing\u00a0despite an easing of supply chains that had been backlogged since the economy began rebounding from the pandemic recession two years ago. And inflation is threatening to weaken the crucial holiday shopping period. Retailers say\u00a0inflation-weary shoppers are shopping cautiously, with many holding out for the most attractive bargains.<\/p>\n<p>But a recession, if likely a mild one, is widely expected in 2023, a consequence of the Federal Reserve\u2019s drive to tame the worst bout of inflation in four decades by aggressively raising interest rates. The Fed has\u00a0raised its benchmark short-term rate six times this year \u2014 including four straight hefty hikes of three-quarters of a percentage point. The central bank is expected to announce an additional half-point hike in its key rate when it next meets in mid-December.<\/p>\n<p>Because the Fed\u2019s benchmark rate influences many consumer and business loans, its <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of hikes have made most loans throughout the economy sharply more expensive. That has been particularly true of\u00a0mortgage rates, which have proved devastating to the housing market. With mortgage rates having doubled over the past year, housing investment shrank in the July-September period at a 26.8% annual pace, according to Wednesday\u2019s GDP report.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economic-growth-85.jpg?w=1024\" alt=\"Employees at assembly line at Rivian plant.\" class=\"wp-image-24839364\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economic-growth-85.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economic-growth-85.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economic-growth-85.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The nation\u2019s manufacturing sector is slowing despite an easing of supply chains that had been backlogged since the economy began rebounding from the pandemic recession two years ago.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Chair Jerome Powell has stressed that the Fed will do all that it takes to curb the spikes in consumer prices, which shot up 7.7% in October from a year earlier \u2014 a slowdown from a year-over-year peak of 9.1% in June but still significantly above the Fed\u2019s 2% target.<\/p>\n<p>Economists had shrugged off the contraction in GDP in the first half of the year because it didn\u2019t reflect any major fundamental weakness in the economy. Instead, it was caused mainly by an influx of imports and by a reduction in companies\u2019 inventories.<\/p>\n<p>In the meantime, the job market has remained surprisingly durable. Employers have added a healthy average of 407,000 jobs a month so far in 2022. And according to a survey by the data firm FactSet, economists predict that the nation gained an additional 200,000 jobs this month. The government will issue the November jobs report on Friday.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/30\/gdp-revised-up-to-2-9-for-third-quarter\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;GDP revised up to 2.9% for third quarter&#8221; Despite high interest rates and chronic inflation, the US economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate. Last quarter\u2019s rise in the gross domestic product \u2014 the economy\u2019s total output of goods&#8230;<\/p>\n","protected":false},"author":1,"featured_media":519107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/economy-gdp-q3.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[136427,5069,70550,70522,70551],"class_list":["post-519106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-30-22","tag-economy","tag-federal-reserve","tag-gdp","tag-inflation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=519106"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/519106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/519107"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=519106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=519106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=519106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}