US economy continues to grow at robust pace days before presidential election | American economy

The pace of U.S. economic growth slowed over the summer but continued to expand over the past two years, according to data released Wednesday, days before millions of voters decide whether Kamala Harris or Donald Trump is better positioned to lead it forward.

U.S. gross domestic product (GDP), a broad measure of economic health, grew 2.8% in the third quarter, below economists' expectations of 3.1%, and down from 3% in the quarter. previous. The increase was mainly due to consumer spending, exports and federal government spending.

U.S. policymakers worked to bring inflation down from its highest level in a generation two years ago. The Federal Reserve quickly raised interest rates to rein in prices, a move that economists feared risked tipping the world's largest economy into recession. Such warnings did not materialize.

Despite earlier fears that the U.S. economy was heading into a recession, growth continued to outperform, said Paul Ashworth, chief North America economist at Capital Economics. Overall, the US economy appears to be doing very well.

US economic growth has been surprisingly resilient under Joe Biden, with only one quarter of decline in the first quarter of 2022, as shockwaves from the Covid-19 pandemic continued to rattle the global economy.

Inflation fell from a generational high of 9.1% in June 2020 to an annual rate of 2.4% in September, its lowest rate in more than three years.

But many Americans still don't feel it. Nearly half wrongly believe the US is in recession, according to a Harris poll conducted exclusively for the Guardian last month. Years of rising prices continue to take their toll.

In a speech Tuesday in Washington, Harris once again tried to allay voters' fears. Harris promised to help first-time home buyers, ban price gouging in supermarkets and cap the price of insulin. I will give tax cuts to workers and the middle class…I will lead in respecting the dignity of work, she said.

Trump has sought to portray the Biden administration as a job destroyer, even though U.S. employers have created millions of jobs in recent years. Harris, Biden's vice president, acknowledged that the cost of living remains simply too high for many and pledged to take steps to help.

The latest GDP report was released ahead of the closely watched October jobs data, released on Friday. Economists expect the economy to have added about 125,000 new jobs during the month, the latest report before the election report. That figure would represent a sharp decline from the 250,000 jobs created in September, when hiring accelerated unexpectedly, and will likely reflect the Boeing strike and the impact of hurricanes Helen and Milton.

But there are signs that the resilient U.S. labor market may also be recovering from the disruptions of recent months.

On Wednesday, ADP, the largest U.S. payroll provider, said private companies hired 233,000 new workers in October, the best month of job creation since July 2023, up from 159,000 in September and well before the estimated 113,000.

Even amid a hurricane recovery, job growth was strong in October, said Nela Richardson, ADP's chief economist. As the year comes to a close, hiring in the United States appears robust and generally resilient.

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