U.S. Economy Grew Faster Than Expected in Q3 But High Inflation and Rising Rates Still Pose Threats
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The U.S. economy grew at a 4.9% annual rate in Q3, faster than expected, boosted by consumer spending and exports.
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President Biden said the GDP report shows his economic plan is working, but many economists remain wary of a recession.
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Wall Street analysts warned high inflation and interest rates still pose threats to growth going forward.
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Inventory rebuilding boosted Q3 GDP growth, but that trend may not continue as companies draw down inventories.
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Some economists said the GDP strength won't last as rising rates strain consumers and businesses.