WASHINGTON (AP) — The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue.
The better-than-expected government estimate showed that the gross domestic product grew in the third quarter after having shrunk in the first half of 2022.
Overall, though, the outlook for the economy has darkened.
The Federal Reserve has raised interest rates five times this year and is set to do so again next week and in December. Concern about the likelihood of a recession next year has been growing.
Inflation, gas prices looming over sports biz, concessions
CHICAGO (AP) — Persistently high inflation and gas prices are looming over sports and the monetary pipeline that resumed when fans returned to games amid the pandemic.
The most recent Consumer Price Index Summary from the U.S. Bureau of Labor Statistics showed an 8.2% rise in costs in September from a year earlier.
Increases in the shelter, food, and medical care indexes were among the largest contributors to the rise in costs.
Given the industry’s reliance on disposable income, the CPI numbers are a troubling sign for sports business leaders.