Fresh Produce 3rd Quarter 2022 Economic Update

The U.S. economy after contracting in the first two quarters of 2022, rebounded in the third quarter, expanding 2.6% at the annual rate. This was a solid improvement from the 0.6% decline during the second quarter and should help dispel the notion that the U.S. economy is in recession. The biggest contributor to GDP growth in the third quarter though was net exports, particularly in the goods sector, where exports surged and imports fell. However, don’t expect that to continue. The dollar has gained strength versus other major currencies and so will likely limit future purchases by foreigners while making foreign goods relatively inexpensive for Americans. Real personal consumption was also up in Q3, but at a slower tepid 1.4% annual rate. At the same time, goods spending was a drag on growth, along with the housing market and inventory spending.

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