EXPLAINER: How will we know if the U.S. is in recession?
WASHINGTON (AP) — The U.S. economy grew faster than expected in the July-September quarter, underscoring that the United States is not in a recession despite distressingly high inflation and interest rate hikes by the Federal Reserve. But the economy is hardly in the clear, and the solid growth reported for the third quarter did little to alter the growing conviction among economists that a recession is very likely next year. Higher borrowing rates and chronic inflation will almost certainly continue to weaken consumer and business spending. And likely recessions in the United Kingdom and Europe and slower growth in China will erode the revenue and profits of American corporations. So what is the likelihood of a recession?