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.
Thursday’s better-than-expected estimate from the Commerce Department showed that the nation’s gross domestic product — the broadest gauge of economic output — grew in the third quarter after having shrunk in the first half of 2022. Stronger exports and consumer spending, backed by a healthy job market, helped restore growth to the world’s biggest economy at a time when worries about a possible recession are rising.
Consumer spending, which accounts for about 70% of U.S. economic activity, expanded at a 1.4% annual pace in the July-September quarter, down from a 2% rate from April through June. Last quarter’s growth got a major boost from exports, which shot up at an annual pace of 14.4%. Government spending also helped: It rose at a 2.4% annual pace, the first such increase since early last year, with sharply higher defense spending leading the way.
Housing investment, though, plunged at a 26% annual pace, hammered by surging mortgage rates as the Federal Reserve aggressively raises borrowing costs to combat chronic inflation. It was the sixth straight quarterly drop in residential investment.
China has reportedly established dozens of “overseas police stations” in nations around the world that activists fear could be used to track and harass dissidents as part of Beijing’s crackdown on corruption.
Information about the outposts underscored concerns about the ruling Chinese Communist Party’s influence over its citizens abroad, sometimes in ways deemed illegal by other countries, as well as the undermining of democratic institutions and the theft of economic and political secrets by bodies affiliated with the one-party state.
Spanish-based non-government group Safeguard Defenders published a report last month, called “110 Overseas. Chinese Transnational Policing Gone Wild,” that focused on the foreign stations.
Laura Harth, a campaign director with the group, told The Associated Press that China has set up at least 54 overseas police service stations.
The St. Paul Police Department arrested an individual Wednesday afternoon outside of Flynn Hall on St. Thomas’ St. Paul campus. Police officers worked with St. Thomas Public Safety officers to make the arrest, according to Dean of Students Linda Baughman.
Adam Mueller can be reached at muel7541@stthomas.edu.