Posted 11/29/2023, 11:31:39 PM
US Economy Grew at Robust 5.2% Rate Last Quarter But Slowdown Looms Ahead as Inflation Cools and Rate Hikes Bite
- U.S. economic growth for July-September was revised up to a 5.2% annual rate, up from the previous 4.9% estimate
- Growth was driven by strong consumer spending, business investment, and inventory building
- However, growth is expected to slow sharply in the fourth quarter due to higher interest rates
- Inflation eased to 3.2% year-over-year in November, down from 9.1% in June
- The job market remains resilient although cooling from historic highs, supporting hopes for a "soft landing" of the economy