BREAKING: The U.S. economy expanded significantly to kick off the second half of the year, marking a dramatic reversal from the contraction experienced over the first six months, per government data.
President Joe Biden used the numbers to push Democrats in the upcoming election and said Republicans have a "very different agenda -- one that would drive up inflation and add to the deficit by cutting taxes for the wealthiest Americans and large corporations."
"For months, doomsayers have been arguing that the US economy is in a recession and Congressional Republicans have been rooting for a downturn," Biden said in a statement. "But today we got further evidence that our economic recovery is continuing to power forward. This is a testament to the resilience of the American people."
Federal Reserve Chair Jerome Powell delivers opening remarks to a"Fed Listens" session in Washington, September 23, 2022.
An employee stacks cans of food at a grocery store in the Moncrief Park neighborhood of Jacksonville, Florida, on October 14, 2022.The rate increases appear to have slowed key sectors of the economy, sending mortgage rates soaring and slowing the construction of new homes.263,000 jobs in September and the unemployment rate fell slightly from 3.7% to 3.5%.
But hiring has fallen from a breakneck pace sustained earlier in the year, suggesting that the Fed's rate hikes may have begun to cool off the labor market. By the end of 2023, central bank moves will raise the unemployment rate from its current level of 3.7% to 4.4%,
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