The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates.
Economists say it’s clear that recent investments in infrastructure are paying off: Robust manufacturing construction and government spending drove much of last quarter’s growth, and households have continued to benefit from historic job gains.
U.S. households spent freely in the third quarter, doubling down on necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation.
In Cincinnati, Dominique Walker just made her first student loan payment in more than three years — which means she’s rethinking all sorts of other expenses, including manicures, massages and morning coffees.
The original article contains 1,294 words, the summary contains 198 words. Saved 85%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates.
Economists say it’s clear that recent investments in infrastructure are paying off: Robust manufacturing construction and government spending drove much of last quarter’s growth, and households have continued to benefit from historic job gains.
U.S. households spent freely in the third quarter, doubling down on necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation.
In Cincinnati, Dominique Walker just made her first student loan payment in more than three years — which means she’s rethinking all sorts of other expenses, including manicures, massages and morning coffees.
The original article contains 1,294 words, the summary contains 198 words. Saved 85%. I’m a bot and I’m open source!