The economy of USA it has left behind the falls that placed it in a technical recession and returned to growth in the third quarter, 0.6%, according to data from the Bureau of Economic Analysis (BEA).
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The annual growth rate also stood at 2.6%, according to the first official calculation made by this office of the evolution of the gross domestic product.
The first economy in the world had registered quarter-on-quarter falls of 0.4% and 0.1% in the first two quarters of the year, which is considered a technical recession.
The increase in GDP was made possible by an improvement in exports and consumer spending, as well as non-residential investment and federal, state and local public spendingwhich partially offset the decrease in residential investment and other investments.
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In a more detailed analysis, the BEA shows that there are many components of the economy that are still not recovering, such as household consumption, at a time marked by high inflation.
Statistics explain in this sense that consumer spending improved due to increased spending on services, such as health or travel, but the consumption of goods fell.
In the latter case, spending on automobiles, and also on food and beverages, fell above all.
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Today we have proof that the economic recovery continues to advance
As for the increase in public spending, this was mainly due to higher defense spending in the case of the federal government, and the increase in employee compensation by state and local governments.
The drop in residential investment was noted above all in family buildings and in the lower commissions of real estate sellers.
The lower investments occurred mainly in trade.
The return to growth has occurred in a context marked by high inflation and the consequent rises in interest rates or problems in the supply chain, but also by low unemployment and a strengthening dollar.
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The BEA does not venture to calculate the effects that these factors, whether positive or negative, may have had on GDP, and recalls that this is the first calculation on economic evolution, which may vary in subsequent calculations.
In any case, the positive data known today, which exceeds the expectations of economists and markets, gives a break to the administration chaired by Biden at a key political moment, less than two weeks before the mid-term elections.
In a statement, Biden criticized the “doomsayers” who have spent months arguing that the US economy was in recession, and also attacked Republicans who were “betting on the decline.”
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“Today we have proof that the economic recovery continues to advance,” said Biden, who assured that his government’s priority now is to reduce inflation, his “main economic challenge.”
He also insisted on his political message by assuring that while his government works to contain prices, the Republicans have “another agenda” for Congress, which It goes through cutting taxes on the rich and large corporations and for households to assume a higher cost of energy or products such as medicines.
The economic situation and high inflation are precisely the two factors that will weigh most on the American vote, according to the majority of the polls.
EFE
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