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The US economy rebounded in the third quarter after contracting for the first six months of this year, as a narrowing trade deficit concealed weakening consumer demand.
Gross domestic product increased by 2.6 per cent on an annualised basis between July and September, surpassing economists’ expectations and marking a sharp reversal from the 0.6 per cent drop in the second quarter of 2022 and the 1.6 per cent decline registered in the first three months of the year.
The expansion in the third quarter was propelled by a narrowing of the trade deficit, as ebbing consumer demand damped imports while exports rose. That comes despite a widening of the deficit for goods in September as the strong US dollar weighed on exports.
Consumer spending advanced just 1.4 per cent, far slower than the previous period, in a sign that the economy is beginning to slow. READ MORE...
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