US economy likely returned to growth last quarter

WASHINGTON (AP) — The problems have hardly gone away. Inflation, still near a 40-year high, is punishing households. Rising interest rates have derailed the housing market and threaten to inflict broader damage. And the outlook for the world economy grows bleaker the longer that Russia’s war against Ukraine drags on. But for now anyway, the U.S. economy has likely returned to growth after having shrunk in each of the first two quarters of 2022. At least that’s what economists expect to see Thursday (Oct. 27, 2022) when the Commerce Department issues its first of three estimates of gross domestic product — the broadest measure of economic output — for the July-September period.