American Economy Grows in Quarter III/2023. The United States (US) economy apparently grew faster than initial estimates or reached 5.2% in the third quarter of 2023. Uncle Sam’s country’s economic growth rate is the fastest in almost two years. However, US economic growth momentum has waned as higher borrowing costs limit hiring and public spending.
Then, the pace of US economic growth also seems to overstate the health of the economy in the last quarter. If measured in terms of income, economic activity is increasing at a moderate pace. However, a report from the Department of Commerce on (29/11) Wednesday showed that the economy continued to grow despite recession fears that have persisted since late 2022.
The Department of Commerce’s Bureau of Economic Analysis (BEA) said that Gross Domestic Product (GDP) increased at an annual rate of 5.2% in the third quarter of 2023. This realization increased from the previous rate of 4.9% (yoy), recording the fastest expansion rate since the fourth quarter of 2021.
Economists surveyed expected GDP growth to be revised up to a rate of 5.0%. The economy grew at a rate of 2.1% in the second quarter of 2023 and is expanding at a rate well above what Federal Reserve (The Fed) officials consider the non-inflationary growth rate, which is around 1.8%.
American Economy Grows in Quarter III/2023. The growth revision reflects increased business investment in structures, mostly warehouses and healthcare facilities. State and local government spending was also revised higher.
