Last quarter's rise in the U.S. gross domestic product — the economy’s total output of goods and services — followed two straight quarters of contraction. It marked the second of three estimates the Commerce Department will provide of economic expansion in the third quarter. In its initial estimate, the department had estimated that the economy grew at a 2.6% annual rate last quarter. The central bank is expected to announce an additional half-point hike in its key rate when it next meets in mid-December. In the meantime, the job market has remained surprisingly durable.

Source: The Herald December 01, 2022 02:53 UTC