Despite ongoing worries that the nation is in danger of entering a recession, the U.S. economy expanded at an annual pace of 2.6 percent in the third quarter of 2022,
marking the first growth since that year and a remarkable turnaround following six months of contraction.
In a year where the economy and rising inflation have become a recurring concern for Democrats, the third-quarter gross domestic product data,
released Thursday by the Bureau of Economic Analysis, offer a positive perspective less than two weeks before the midterm elections.
The paradox is that, despite things actually slowing down, we're witnessing the best growth of the year, according to KPMG Chief Economist Diane Swonk.
"There are some noticeable foundational fissures. Housing is getting smaller. Consumer growth is waning. Although not always for the correct reasons, GDP is increasing.