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Defying recession forecasts, US economy in Q3 grows fastest in 2 years
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US economic growth in Q3 fastest in almost two years
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US economic grows at fastest rate in third quarter in almost two years
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The U.S. economy likely grew in the third quarter at its fastest pace of any quarter in nearly two years, again defying dire warnings of a recession, as higher wages from a tight labor market helped to power consumer spending. The Commerce Department's advance estimate of third-quarter gross domestic product on Thursday is also expected to show residential investment rebounding after nine straight quarters of declines. President Joe Biden's administration has taken steps to encourage more semiconductor manufacturing in the U.S.