US Gross Domestic Product Grows at a Robust 4.9% Rate in the Third Quarter

the staff of the Ridgewood blog

Ridgewood NJ, the U.S. economy exceeded expectations by exhibiting robust growth in the third quarter, driven by a resilient consumer sector despite higher interest rates, ongoing inflationary pressures, and various domestic and global challenges. According to the Commerce Department’s report, the Gross Domestic Product (GDP), which measures all goods and services produced in the U.S., expanded at an annualized rate of 4.9% from July through September, a significant acceleration from the unrevised 2.1% pace in the second quarter.

Economists surveyed had anticipated a 4.7% increase in real GDP, adjusting for inflation. This surge was attributed to several factors, including strong contributions from consumer spending, increased inventories, exports, residential investment, and government spending. Notably, the increase in consumer spending, up 4% for the quarter, played a substantial role in this growth, accounting for 2.7 percentage points of the total GDP increase. Additionally, this marked the most substantial GDP gain since the fourth quarter of 2021.

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