According to Bloomberg, the average analyst’s forecast for the US economy was a 2.4% increase.
Notably, the American economy contracted by 0.6% in the second quarter after contracting by 1.6% in the first, putting the world’s largest economy in danger of entering a recession.
The US Federal Reserve is largely expected to raise interest rates by 75 basis points for a fourth time at its upcoming meeting in November, but there are also indications that the US Central may start to reduce the frequency of interest increases as early as next December.
The US federal government is quickly boosting interest rates to combat the highest inflation levels in 40 years and prevent the economy from faltering and entering a state of stagnation.
After two chapters of contraction, the American economy expanded by 2.6 percent in the third quarter.
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