JUST IN: The U.S. economy rebounded in the third quarter, growing at an annual rate of 2.6%, after shrinking in the first half of the year — but analysts warn it may overstate the economy's strength.
People shop in a Manhattan store on Oct. 26, 2022 in New York City. Inflation, in the form of higher prices for gas, food and other consumer goods is weighing on U.S. economic growth.People shop in a Manhattan store on Oct. 26, 2022 in New York City. Inflation, in the form of higher prices for gas, food and other consumer goods is weighing on U.S. economic growth.The government's official scorecard shows a rebound in economic growth during the late summer and early fall.
"If you take a step back and look at GDP, it's gone effectively nowhere over the last year," says Mark Zandi, chief economist at Moody's Analytics."One quarter or two it's down a bit. This quarter it's up a bit. But net-net, we're kind of treading water."While the labor market has been robust — adding nearly 3.8 million jobs in the first nine months of the year — high inflation and rising interest rates are expected to weigh on future economic growth.
"We still have a lot of people that want to buy new or even existing [houses], but they're completely getting squeezed out of the market," says Paul Schwinghammer, a home builder and president of the Indiana Builders Association. "As we finish homes, we're not going to be starting as many in the coming months and the next year as we had been in the last two years," Schwinghammer says.in an effort to tamp down demand and curb inflation. Fed policymakers are expected to raise interest rates by another 0.75 percentage points when they meet next week.prices are climbing faster than most people's wages"Consumers are doing their part," Zandi says.
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