US GDP grew by 4.9% in the third quarter – Kommersant
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The US economy grew stronger in the third quarter than analysts expected. By data Bureau of Economic Analysis, the country’s real gross domestic product rose 4.9% from last year. Analysts surveyed The Wall Street Journal, assumed that growth would be 4.7%. At the same time, in the second quarter, GDP growth was only 2.1%.
The final figures for the third quarter were significantly better than economists expected. Back in April, they talked about an imminent recession in the United States, and in July they said that in the third quarter, GDP growth, if there was any, would be barely noticeable. However, a series of interest rate hikes by the Fed did not lead to a fall in consumer spending, as analysts had feared, the WSJ notes. On the contrary, consumers are spending more, fueled by savings made during the COVID-19 pandemic, when government aid programs were in effect and mortgage rates remained frozen. In addition, the number of jobs in the labor market is growing, and the unemployment rate has returned to its minimum levels.
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