President Joe Biden cheered the new GDP report showing strong economic growth in the third quarter.
Biden claimed it was proof his policies were working to reduce inflation, while preventing a recession.showing strong economic growth in the third quarter and noted it was proof his policies were working to reduce inflation while preventing a recession.showed gross domestic product, the measure of all goods and services produced in the U.S., rose at a seasonally adjusted rate of 4.9% annualized, in the third quarter.
Thursday's report was the latest data point that indicates a strong U.S. economy, and came as good news for the Biden administration, and for the president's 2024 reelection campaign. Independent voters in the poll favored Republicans' handling of economic issues by a striking figure, 25 percentage points.
Meanwhile, economists for months have worried that the Federal Reserve's aggressive rate hikes to ease inflation would trigger a recession.
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