US Economy Bounced Back, As Recession Looms

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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.¡±