Financial Times – Resilient consumer spending spurs US economy to 4.9% GDP growth
FINANCIAL TIMES SAYS the US economy expanded faster than expected in the third quarter, growing at its quickest pace in almost two years in the latest sign of the country’s economic resilience despite high interest rates.
Strong consumer spending was the main driver of a 4.9 per cent annualised increase in gross domestic product, according to preliminary figures from the commerce department’s Bureau of Economic Analysis.
That was a jump from a 2.1 per cent rate in the second quarter, and the strongest figure since the fourth quarter of 2021. Economists on average had predicted a rate of 4.3 per cent.
Several economists said that while they expect growth to slow from the bumper third-quarter pace, the overall outlook remains strong.
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