The US Economy recorded growth in Q3 of 2022, even though consumer and business spending took a hit from the double threat of continued inflation and higher interest rates, reports the Wall Street Journal.
GDP was up 2.6% in Q3 on a year-to-year basis, a turn-around from the first two quarters of the year, when GDP fell.
Surprisingly, a big contributor to the positive numbers can be found in the war in Ukraine. With European energy supplies down, the US was able to export more oil and gas.
The positive numbers come at a time when central banks are signaling that the rate hike cycle could be nearing its top.