U.S. Economy Blows Past Economists’ Expectations in Third Quarter
BACK IN BLACKAlex Nguyen
Breaking News Intern
Published Oct. 26, 2023 12:11PM EDT
The U.S. economy grew faster than economists’ projections in the third quarter due to reliable consumer spending despite high inflation and interest rates and other factors, including rises in inventory, exports, and government expenditures. Gross domestic product, which is the monetary amount of all goods and services, grew at a 4.9 percent annualized rate from July through September—the largest increase since Q4 in 2021—according to a Thursday report from the Commerce Department. Personal consumption spending increased 4 percent for the quarter compared to 0.8 percent in Q2. But according to CNN, this economic growth isn’t expected to continue, owing to increased bond yields and the return of student loan repayments.
