US Economy Grew Faster in 3rd Quarter Than Expected but Cooling Signals Warrant Caution

Published on November 29, 2023

The U.S. economy grew faster in the 3rd quarter than previously expected but the numbers look more gloomy when looked at from the income side and, since then, economic data suggests that momentum has waned and growth is cooling. Gross domestic product (GDP) rose at a 5.2 percent annualized rate last quarter, revised up from the previously reported 4.9 percent pace, the Commerce Department’s Bureau of Economic Analysis (BEA) said in its second estimate of third-quarter GDP, released on Nov. 29. The 5.2 pace of expansion was the fastest since the fourth quarter of 2021, with the acceleration in third-quarter GDP mostly due to an uptick in consumer spending and private inventory investment....

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