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WEKU
WEKU
Scott Horsley

New GDP report shows an economic turnaround, but don't be fooled

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. (Spencer Platt/Getty Images)

The government's official scorecard shows a rebound in economic growth during the late summer and early fall. But analysts say it overstates the strength of the U.S. economy, just as earlier figures painted an exaggerated picture of weakness.

A report from the Commerce Department released on Thursday shows the nation's gross domestic product grew at an annual rate of 2.6% in July, August and September. That's in contrast to the first six months of the year, when GDP figures showed the economy shrinking.

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