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US Economy Bounced Back, As Recession Looms

경기 침체가 다가오는 가운데 반등한 미국 경제 

A 1sign of hope, for 2economic recovery. The latest data shows Gross Domestic Product grew 2.6 percent. It’s a 3turnaround from the negative of 1.6 percent in the first quarter and negative 0.6 percent in the second.

“Great economic report today.”

The report by the Bureau of Economic Analysis offering a sign of relief for the White House, as President Joe Biden looks to tout economic successes heading into the 4midterms.

“When you combine this with reports that we’ve seen recently in the labor market, this does show that the economy continues to be to move forward.”

More spending in travel and dining out balanced with less spending in 5durable goods, fueling the economic growth. But experts warn, Americans should still 6brace for a recession.

“I think the odds that next year we get a recession are very high because inflation still high, the Federal Reserve still fighting inflation. And also, the whole world is going into recession.”

Other factors of concern to consumers, include a housing market 7cool-down as mortgage rates top 7 percent for the first time since 2002. All 8coming on the heels of interest rates on the rise, as the Fed works to cool 9white-hot inflation.

“That doesn’t feel great always, you know, we see rising interest rates for mortgages that you say, all kinds of debt, at the same time this is necessary in order to avoid a hard landing.”