WASHINGTON – President Biden was pleased following back-to-back negative GDP reports on Thursday as the U.S. economy grew at an annual rate of 2.6% in the third quarter.
“Great economic report today, the GDP report,” said Biden. “Things are looking good.”
As the stock market climbed Thursday, the latest data revealed the economy grew faster than expected, showing consumer spending is strong.
The report revealed that more money was spent the third quarter when it comes to hotels and restaurants.
The nation also saw an increase of exports in goods and services but imports are currently down.
The report also revealed that the housing market also took a hit as mortgage rates topped seven percent for the first time since 2002.
In response to the report, Biden made a statement in part, “Now, we need to make progress on our top economic challenge: bringing down high prices for American families.”
“We are building an economy that works for everyone,” he said.