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taking calipari up on his invitation and catching a home game. love that story. i love it. cnn s coverage continues right now. good morning. i m erica hill. we begin with news just in to cnn. the u.s. economy growing in the third quarter and beating expectations. the gdp, a key indicator of economic activity, rising by an annualized rate of .6%, the first period of positive growth this year following two back-to-back quarters of decline. cnn chief business correspondent christine romans with us now. this is a little better than expectations. we were expecting to see a little bump here put it in context for us. this is american consumers, they weren t buying as many couches and tvs. they were dining out, going on trips. you saw how people were spending their money changed a little bit. it was a bounceback from the doldrums of the first half of the year. the big question is it the bump before the slump? the fed has been raising interest rates very, very aggressive ....
explosion of the only bridge connecting russia with the annexed territory of crimea. now, the blast partially collapsed the kerch bridge and paralyzed a key supply route from moscow s faltering war in ukraine. but this bridge isn t just logistically important, it s also a huge symbol for the kremlin in its attempt to reunify crimea with the russian mainland. ukraine has not claimed responsibility for this, but after the blast in kyiv, people can be seen taking selfies in front of a billboard depicting the image of the bridge on fire. that s not the only thing you re seeing from ukraine mocking the explosion. fred pleitgen joins us now. fred is in kyiv. he has the latest developments. what are you hearing, fred, about who s behind this explosion. reporter: yeah, well, the russians are moving very quickly to point the finger of blame at the ukrainians. this is quite interesting because i ve been following a lot of telegram channels coming out of russia. a lot of top r ....
raising interest rates five times this year to combat inflation. and even with this new report, economists say people should still be bracing for the possibility of a recession in tough times ahead. so let s get to the new report and what it means and what is it doesn t. matt egan is here. and what does this good news say about what is next? well, kate, not that much. this is a rearview mirror number. it is a snapshot in time. we know the economy got knocked down in the first half of the year, but it got back on its feet this summer. gdp rising 2.6%. that is solid. consumer spends slowed but it is still positive. i think that this should silence the argument that the u.s. economy is already in recession. right. gdp is positive, the jobs market keeps chugging along. new numbers show that initial jobless claims which is a proxy for layoffs, they remain low. at pre-covid levels. how you could have a recession if you don t have playoffs. this is so confusing. because ....
forward to make that closing pitch on the economy next hour. he s expected to sharpen attacks on republicans and their economic plans. the president is celebrating new economic numbers released earlier today. great economic report today. the gdp report, things are looking good. the key economic reports show the u.s. economy grew in the third quarter after two quarters of decline. he was excited about that report. he also acknowledged that more work needs to be done to address inflation. the federal reserve has raised interest rates five times so far this year in attempts to combat inflation. the gdp report tells us we re not in a recession right now, but what more did we learn? we learned that the u.s. economy grew at a rate of 2.6%. that was higher than most were expecting. the expectation was 2.3, 2.4%. some of the largest contributors were things like net exports. we americans just didn t buy as much things from overseas, from outside of the u.s. that helped ....
attempt to claim crimea from ukraine. russia claims at least three people were killed. a russian investigative committee arrived this morning to inspect the damage and so far no one has claimed responsibility for the blast. cnn s fred pleitgen is live for us from kyiv with the very latest on this. fred, russian officials are now saying traffic has resumed on the bridge? how is that happening? reporter: well, they are saying that the traffic is in reverse on that bridge. they are trying to clear the cars off that bridge but trying to get the traffic moving again as fast as possible. essentially, what they are saying is that all of this happened, this explosion happened in the early morning hours of this morning. when the lacey latest that they have is a struck they say exploded, even though it s not exactly clear whether or not that is the case, that a truck blew up. we have some of that video of that explosion taking place, which seems to have been massive. as a resul ....