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U.S. Economy Grew at 4.9% Rate This Summer, Powered by Fast-Spending Americans

Posted on AllSides October 26th, 2023
From The Center
Economy and Jobs, GDP, Recession
VALERIE MACON/AGENCE FRANCE-PRESSE/GETTY IMAGES

U.S. economic growth surged this summer, as consumers boosted spending ahead of growing challenges that could limit their ability to maintain the momentum.

Gross domestic product grew at a seasonally- and inflation-adjusted 4.9% annual rate in the third quarter, the Commerce Department reported Thursday. That was the fastest rate since late 2021 and much stronger than economists were anticipating just a few months ago. The economy expanded 2.1% in the second quarter.

This year’s economic resilience could soon face tests, however. Rising long-term interest rates, wars in Ukraine and the Middle East and the possibilities...

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https://www.wsj.com/economy/central-banking/us-gdp-economy-third-quarter-f247fa45

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