US pulls out of 'technical recession' with strong GDP growth in Q3

2.6% annualised rate rise

The US economy grew for the first quarter this year, with GDP rising at a 2.6% annualised rate in the July to September period after falling in the first two quarters of 2022.

According to the "advance" estimate released by the Bureau of Economic Analysis, US GDP came in above economist's expectations of 2.4% growth for the quarter. This follows a 0.6% annualised rate decrease in the second quarter of 2022 and a 1.6% decrease in the first quarter. Despite not officially entering recession earlier this year, as US recessions are decided by the country's National Bureau of Economic Research, two quarters of negative GDP growth is seen as a 'technical recession' amongst many economists, being the standard for recession in countries such as the UK. The increase...