Weakening some, but still in the post-COVID range:
The US economy grew an annualized 3.2% on quarter in Q3 2022, better than 2.9% in the second estimate, and rebounding from two straight quarters of contraction. Consumer spending rose more than anticipated (2.3% vs 1.7% in the second estimate), as growth in health care and “other” services partially offset a decrease in spending on goods, namely motor vehicles and food and beverages. Also, nonresidential investment jumped at a faster 6.2% (vs 5.1% in the second estimate), boosted by equipment and intellectual property. source
However the ‘good news’ is ‘bad news’ as it means the Fed is more likely to raise rates in order to slow things down to keep prices in check.
Ironically, the rate hikes add to government deficit spending to pay interest on the public debt, which supports growth, employment and prices.
That is, the Fed and ‘the market’ has it backwards, and no telling how it ends:
The debt as a % of GDP went from 35% before the 2008 crisis to 95% currently.
This means that a given rate hike now adds that much more interest income to the economy:
More evidence the US economy remains strong: