The US economy grew last quarter, bouncing back after shrinking in the first half of the year — but there are indications that consumer spending, which powers the US economy, is starting to soften.
Gross domestic product — the broadest measure of economic activity — rose by an annualized rate of 2.6% during the third quarter, according to initial estimates released Thursday by the Bureau of Economic Analysis. That’s a turnaround from a decline of 1.6% in the first quarter of the year and negative 0.6% in the second.
Economists had projected third-quarter growth of 2.4%, according to consensus estimates on Refinitiv.
President Joe Biden on Thursday hailed the GDP rebound, describing the report as “further evidence that our economic recovery is continuing to power forward.”
While the economic growth underscores that the…