The US economy grew by 5.2% in the third quarter, even faster than previously estimated!!!
US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year!
Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2% from July through September, according to the Commerce Department’s second estimate. GDP is adjusted for inflation and seasonal swings. The latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated! It factors in greater business investment, government outlays, residential investment and inventory growth. Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%!! Residential investment, which generally reflects conditions in the housing market, was revised much higher, to 6.2% from 3.9%. Consumer spending seems solid for now: Black Friday and Cyber Monday sales this year were record setting, according to Adobe Analytics.
*Cue the insidious negativity & chronic criticizm from the right...
Fed officials pay close attention to various facets
of the US economy when deliberating monetary policy,
including growth.
The Fed is probably done hiking rates.
“All in all, it seems like output growth is
moderating as I had hoped it would,
supporting continued progress on inflation,”
Fed Governor Christopher Waller said at a recent
event hosted by the American Enterprise Institute. 
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