U.S. is recession-bound, despite Q3 GDP growth: CNN

People shop at a supermarket in San Mateo, California, the United States, Sept. 13, 2022. (Photo by Li Jianguo/Xinhua)

"That decline, coupled with persistent inflation and rising interest rates, led many to believe that the U.S. was recession-bound," says CNN.

NEW YORK, Oct. 27 (Xinhua) -- Analysts and economists seem to agree that an economic downturn is coming for the United States in early 2023, and that's why it's so surprising that the U.S. economy is expected to show robust growth in Thursday's third-quarter GDP report, said CNN on Wednesday.

"But investors should be wary of a positive headline number. Economists warn that the report could be a one-hit-wonder that overstates momentum in an economy that is actually slowing," said the report.

Gross domestic product, a broad measure of economic activity, is estimated to have grown by 2.4 percent between July and September, according to Refinitiv. That's huge considering that the country has just had six months of economic contraction.

"That decline, coupled with persistent inflation and rising interest rates, led many to believe that the U.S. was recession-bound," it said.

"One quarter of growth won't necessarily change that, say economists who see this as less of a saving grace and more of a bump before the slump," it added.