The American economy has intrigued the curiosity and attention of economists, policymakers, and citizens alike.
The US economy recorded the fastest growth pace in nearly two years, reported by the Commerce Department's Bureau of Economic. It defied the dire warnings of recession once again by climbing over 5% in the first quarter. This performance is the fastest growth in GDP since the fourth quarter of 2021 with an annualized rate of 4.9%, once again surpassing economists' predictions. A major contributor to the impressive growth in GDP was consumer spending, which accounts for more than two-thirds of U.S. economic activity. From only rising at a 0.8% pace in the second quarter, it accelerated at a 4.0% rate, and in turn added 2.69 percentage points to GDP growth.
"We've seen for a period of time now a post pandemic induced negative bias about an imminent recession and persistent inflation," Brian Bethune, an economics professor at Boston College, told the Reuters. "But not only is the economy surprisingly resilient, we also got productivity-driven growth for two consecutive quarters in 2023, meaning the business cycle still looks very solid."
Mutikani, Lucia. "US economy delivers blockbuster performance in third quarter". Reuters. https://www.reuters.com/world/us/us-economic-growth-accelerates-third-quarter-2023-10-26/.
Edited by Yash Pincha
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