'Recession Incoming': Economic Growth Slows To 1.1% As Economists Worry About Worsening Conditions In Months Ahead
ForbesNov 25, 2022
The Facts
Estimates from the US Commerce Department released on Thursday showed that, during the third quarter of 2023, the US' gross domestic product (GDP) rose at a 4.9% annual rate — its fastest pace in almost two years.
In comparison, GDP rose by 2.1% in the second quarter, while consumer spending — which makes up over two-thirds of US economic activity — increased at a 0.8% rate, compared to the third quarter's 4%.
The Spin
Pro-establishment narrative
The US currently contains an unemployment low not seen since the 1960s, while inflation sits lower than many of its major economic competitors and allies. Despite negative rhetoric, it's fair to claim that the US economy has successfully rebounded from the depths of the COVID pandemic and is performing remarkably amid continued market pessimism.
Establishment-critical narrative
While many may claim that the US economy is doing well, polling and statistics still show that many Americans believe the opposite. This is largely blamed on a lack of trust in US institutions — which is certainly true — but it's also due to millions living in economic insecurity every day. The US economy, albeit in a great place for some, is still not adequate enough to provide stability for much of the American public.
