`Surprisingly strong': Economy shows robust growth in final report before election

“While critics thought we’d need a recession to lower inflation, instead we’ve grown around 3 percent a year on average, while inflation has fallen to the level right before the pandemic,” President Joe Biden said in a statement. A White House official told reporters that recent reports on economic growth, employment and inflation reflect a so-called soft landing, meaning the U.S. has avoided a recession even amid the highest interest rates in decades. Why isn’t the economy rated higher?” Skanda Amarnath, executive director of the worker advocacy group Employ America While Harris has chipped away at former President Donald Trump’s polling advantage when it comes to the economy, she still trails him in recent surveys. Why isn’t the economy rated higher?” said Skanda Amarnath, executive director of the worker advocacy group Employ America. “It has improved, and it will improve and I expect barring some new shock — or a Federal Reserve mistake or financial market paralysis — I would expect to see better sentiment through next year.” The economic update in the July-September quarter also reflected small declines in disposable personal income and savings rates.