US Economic Growth Revised Downward But Still Robust Even As Signs of Cooling Emerge
• US Q3 GDP growth revised down to 4.9% from 5.2% previously reported, but still fastest pace in nearly 2 years • Downward revision largely due to lower consumer spending growth, now at 3.1% rate • Signs economy beginning to slow - moderating job growth, housing market downturn, cooling consumer spending • Higher interest rates working through economy, expected to cause further cooling in months ahead • Growing optimism on Wall Street that Fed may successfully engineer soft landing - BofA, Goldman, UBS raise odds of avoiding recession in 2023