The U.S. economy experienced another growth spurt, albeit slightly underwhelming, growth period in the third quarter, driven by strong consumer spending that has surpassed slowdown expectations
The gross domestic product (GDP), which gauges all goods and services produced from July through September 2024, rose at a 2.8% annualised pace, as per the inflation and seasonality-adjusted Commerce Department report released Wednesday 30th October 2024.
This report verifies that the U.S. growth persists, notwithstanding high interest rates and persistent concerns that the surge of fiscal and monetary stimulus, which supported the economy during the Covid crisis, might not suffice to maintain growth.