US economy returns to growth in third quarter after contraction

Amerikaanse economie groeit weer in derde kwartaal na krimp

The U.S. Census Bureau uses a so-called annualized method of economic growth, unlike the norm in Europe. This means that growth passes as if maintaining the same pace throughout the year. Without that adjustment, the economy grew 0.6 percent compared to the second quarter.

In the second quarter, the US economy shrank by an annualized 0.6 percent. The contraction also occurred in the first quarter. The stronger-than-expected growth numbers could be a boost for US President Joe Biden in the upcoming US midterm elections.


Growth was driven by higher spending by US consumers despite high inflation. Consumer spending rose 1.4 percent last quarter against expectations of 1 percent. American companies also exported more goods abroad.

According to Biden, growth figures show that his country’s economy “continues to make strong progress.” “For months, the doomsayers have been saying the U.S. economy is in recession,” Biden said, adding that even Republican politicians believed in such a downturn. “But today there is more evidence that the economic recovery is continuing.”

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