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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

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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