WASHINGTON — The latest U.S. economic data shows that the economy “is continuing to power forward” and is not in a recession, President Joe Biden said.
“For months, doomsayers have been arguing that the U.S. economy is in a recession and Congressional Republicans have been rooting for a downturn,” Biden said in a statement Thursday. “We need to make more progress on our top economic challenge: bringing down high prices for American families.”
U.S. gross domestic product rose at a 2.6% annualized rate in the July to September period after falling for the first two quarters, data released Thursday show. The median projection in a Bloomberg survey of economists called for a 2.4% rise.
