US economy grows, despite surging inflation

 The U.S. economy grew at a 2.6% annual rate from July through September, a strong comeback after the GDP shrank in the first two quarters of the year. The resurgence comes as consumers and businesses are grappling with soaring inflation and as rising interest rates rapidly cool the housing market. The outlook for the world economy grows bleaker, the longer that Russia's war against Ukraine drags on. In the short-term, the latest growth figures are likely to ease concerns that the U.S. is on the brink of a recession. But the stronger than expected economic activity in last quarter raises concerns that the FED will continue to aggressively drive up interest rates. Economists say they expect economic growth to slow in the fourth quarter as the boost from exports decreased. But a bigger concern may be whether the U.S. could enter a recession within the next year, Hiring has been decelerating, although employers have added an average of 420,000 jobs a month this year, putting 2022 on track to be the second-best year for job creation, behind 2021, in Labor Department records going back to 1940. The unemployment rate was 3.5% last month, matching a half-century low, job growth is likely to slow further in October. The future outlook remains bleak as a recession is expected but not before the start of the new year.