The U.S. economy grew at a 2.6 percent annual rate from July through September, snapping two straight quarters of economic contraction. Retired Ripon College economist Paul Schoofs says the estimate from the Commerce Department showed the nation’s gross domestic product grew in the third quarter after having shrunk in the first half of 2022. While steady consumer spending and a healthy job market helped restore growth, Schoofs says stronger exports were the biggest factor. The Federal Reserve has aggressively raised interest rates five times this year to fight chronic inflation and is set to do so again this week and in December.
