United States economic outlook: third quarter of 2022

Abstract

The United States economy grew by 2.9% in the third quarter of 2022, a sharp turnaround following two quarters of contraction. Trade was the main source of growth, followed by consumer spending. The labour market averaged 392,000 new jobs per month from January–November 2022, with 4.3 million new jobs created in the period. Inflation rose by 7.1% in November, the slowest 12-month pace since December 2021, closing out a year in which it climbed to the highest level in four decades. The rapid pace of price increases in 2022 added pressure on the Federal Reserve to tame inflation by raising interest rates aggressively, which it did seven times, at the fastest pace since the 1980s. The United States economic outlook: third quarter of 2022 presents and analyses the main economic developments in the United States in the third quarter of 2022 and in 2022 to date, and how these could affect financial conditions in Latin America and the Caribbean.