US Economy Grew 2.6 Percent in Third Quarter Estimate but Future Outlook Cloudy

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The U.S. economy rebounded in the third quarter after contracting for the first six months of this year, giving fuel to the view that the world’s largest economy may not be in a recession, though mounting signs of economic weakness suggest it may well again dive into negative territory.

Government data released on Oct. 27 showed that the economy expanded at a pace of 2.6 percent on an annualized basis between July and September. That’s slightly higher than a consensus forecast of 2.4 percent.

The rebound represents a sharp reversal from the 1.6 percent decline in the first quarter and a 0.6 percent drop in the second, which met the informal definition for a recession, sparking fierce debate about whether the economy was, in fact, in a recession.

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