The US economy grew again in the third quarter after contracting for two consecutive quarters. The US government reported Thursday. The gross domestic product (GDP) of the world’s largest economy increased 2.6% in the last quarter compared to the previous three months.
In the second quarter, the US economy shrank by 0.6%. There was also a contraction in the first quarter.
Growth could be a boost for US President Joe Biden ahead of the US midterm elections. The economy plays an important role in this.
The resurgence was partly due to American consumers who, despite high inflation, let their money roll. For example, last quarter spending increased 1.4%. In addition, American companies have exported more goods overseas.
