US GDP Grew in Q3 After Shrinking in First Half of 2022

US GDP Grew in Q3 After Shrinking in First Half of 2022 | Compare reporting by AP CNBC FoxBusiness

The U.S. economy rebounded over the summer after shrinking for the first six months of the year, but the rebound does little to allay fears that the world's largest economy is headed toward a recession as it confronts painfully high inflation and rising interest rates.

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 2.6% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday.

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