HomeTop U.S. NewsU.S. GDP Growth Hits 5.2% in Third Quarter

U.S. GDP Growth Hits 5.2% in Third Quarter

U.S. economic growth for the third quarter of 2023 hit 5.2% on an annual basis, outperforming the government’s expectation of 4.9% growth. This is a sharp rise from the 2.1% economic growth attained from April through June as well as the largest U.S. GDP growth at a quarterly rate over the past two years.

Consumer spending from July to September rose at an annual rate of 3.6%, with private investment surging by 10.5% annually while housing investment saw a 6.2% rise on a yearly basis, thereby defying a steep rise in mortgage rates. The economy was also bolstered by companies boosting their inventories in anticipation of rising sales.

Despite this positive economic growth, the Organization for Economic Cooperation and Development forecasted that the U.S. economy will grow by just 1.5% in 2024, down from the 2.4% expansion in 2023. This is particularly unexpected given that 2023 saw the Federal Reserve extend its steep interest rate rises, marking 11 increases since March 2022.

Stocks Hold Steady Ahead of Inflation Report

U.S. equities remained largely muted on Tuesday after reaching all-time highs as investors awaited the release of a crucial inflation report. The PCE index,...

Domino’s Pizza Beats Quarterly Estimates Amid Rebound in Demand

Domino's Pizza reported its financial results for the fourth quarter on Monday, beating Wall Street expectations. Same-store sales rose 2.8% over the quarter, beating...

U.S. Homeowners Remain In Homes Longer Than They Did 20 Years Ago

A study by real estate brokerage Redfin found that U.S. homeowners are remaining in their existing homes for longer than they did 20 years...