The U.S. economy grew in the third quarter of this year due to trade fluctuations, new home construction and consumer and government spending, the Commerce Department said Thursday in the final major economic report before the midterm elections.
The Bureau of Economic Analysis said the gross domestic product increased 2.6% in July, August and September, but economists say the bump masks underlying economic weaknesses and will likely be a mirage.
Investors still fear slowing growth in the fourth quarter and a downturn or recession in 2023.
Capitol Hill Republicans this week predicted a “ghost” or “phantom” report in which growth was propped up by a surge in exports and government spending.