U.S. Economy Is Booming. GDP Grew At A 4.9% Annual Pace In The Third Quarter

 

CNBC: U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected 

* Gross domestic product, a measure of all goods and services produced in the U.S., rose at a 4.9% annualized pace in the third quarter, ahead of the 4.7% estimate. 

* The sharp increase came due to contributions from consumer spending, increased inventories, exports, residential investment and government spending. 

* While the report could give the Fed some impetus to keep policy tight, traders were still pricing in no chance of an interest rate hike when the central bank meets next week.

The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in spite of higher interest rates, ongoing inflation pressures, and a variety of other domestic and global headwinds. 

Gross domestic product, a measure of all goods and services produced in the U.S., rose at a seasonally adjusted 4.9% annualized pace in the July-through-September period, up from an unrevised 2.1% pace in the second quarter, the Commerce Department reported Thursday. 

Economists surveyed by Dow Jones had been looking for a 4.7% acceleration in real GDP, which also is adjusted for inflation.  

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WNU Editor: Of course the US economy will boom if you are doing this .... Biden Administration Runs Third-Largest Budget Deficit In History (Zero Hedge). And this .... Defense Spending Boosts US Economy With Fastest Rise Since 2019 (Bloomberg). 

U.S. Economy Is Booming. GDP Grew At A 4.9% Annual Pace In The Third Quarter 

U.S. economy accelerated to a strong 4.9% rate last quarter as consumers shrugged off Fed rate hikes -- Politico 

The US economy grew at a blistering rate despite high interest rates -- CNN  

U.S. GDP up 4.9% in third quarter, beating expectations -- UPI  

US economy: GDP grew rapidly in the third quarter of 2023 -- Business Insider  

US Economy Roars in the Third Quarter -- Fiscal Times  

US economy grows at fastest pace in nearly two years -- BBC

US economy grows at fastest pace in nearly two years in third quarter of 2023 -- The Guardian