U.S. GDP grew at a 4.9% annual pace in the third quarter

Surprisingly, the U.S. economy experienced even stronger growth than anticipated in the third quarter, with robust consumer spending counteracting the impact of higher interest rates, persistent inflationary pressures, and a range of domestic and global challenges.

The Commerce Department’s report on Thursday indicated that Gross Domestic Product (GDP), a measure of all goods and services produced in the U.S., increased at an annualized rate of 4.9% during the July-to-September period.

This marked a significant improvement from the previously unrevised 2.1% growth rate in the second quarter, CNBC reported.

READ MORE: https://www.cnbc.com/2023/10/26/us-gdp-grew-at-a-4point9percent-annual-pace-in-the-third-quarter-better-than-expected.html

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