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Latest Breaking News

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(125,599 posts)
Wed Nov 29, 2023, 11:24 AM Nov 2023

The US economy grew by 5.2% in the third quarter, even faster than previously estimated [View all]

Source: CNN Business

Updated 11:15 AM EST, Wed November 29, 2023

Washington, DC CNN — US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.

Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2% from July through September, according to the Commerce Department’s second estimate, released Wednesday morning. GDP is adjusted for inflation and seasonal swings. Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. It factors in greater business investment, government outlays, residential investment and inventory growth.

Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%. Residential investment, which generally reflects conditions in the housing market, was revised much higher, to 6.2% from 3.9%.

Meanwhile, consumer spending, America’s main economic engine, was revised slightly lower, to 3.6%, down from the 4% in the initial estimate. That’s still a solid pace of growth.

Read more: https://www.cnn.com/2023/11/29/economy/second-estimate-third-quarter-gdp/index.html

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Thanks a lot Biden IronLionZion Nov 2023 #1
Hear, hear peppertree Nov 2023 #6
Do you hear that, flibberdigibbets? maxsolomon Nov 2023 #2
Somehow the media will say this is bad for Joe Biden. ZonkerHarris Nov 2023 #3
You are completely correct SpankMe Nov 2023 #4
Why even report good news anymore? MuchBetterThanThis Nov 2023 #5
Bidenomics👍 onetexan Nov 2023 #7
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