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Copyright 2023 The Associated Press. All rights reserved.
The economy more than doubled from its 2Q growth rate of 2.1% – but inflation also dropped to 2.4%. Some economists think 3Q is the high water mark before a slowdown.
WASHINGTON (AP) – The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace.
The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years – and more than twice the 2.1% annual rate of the previous quarter.
Thursday’s report on the nation’s gross domestic product – the economy’s total output of goods and services – showed that consumers drove the acceleration, ramping up their spending on everything from cars to restaurant meals. Even though the painful inflation of the past two years has soured many people’s view of the economy, millions have remained willing to splurge on vacations, concert tickets and sports events.
“This is just a very resilient economy that continues to take hit after hit and keep on,” said Joseph Brusuelas, chief economist at RSM, a tax and consulting firm.
Yet the robust growth may prove to be a high-water mark for the economy before a steady slowdown begins in the current October-December quarter and extends into 2024. The breakneck pace is expected to ease as higher long-term borrowing rates, on top of the Federal Reserve’s short-term rate hikes, cool spending by businesses and consumers.
The growth figures for the third quarter revealed that federal, state, and local governments ramped up their spending, and businesses built up their stockpiles of goods in warehouses and on shelves, which helped drive growth higher. The increase in inventories, which accounted for about a quarter of the July-September growth, isn’t likely to be repeated in the coming months, economists say. To read the complete article, select HERE.
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