America’s economy grew much faster than previously thought in the third quarter, a sign that the Federal Reserve’s battle to cool the economy as it fights against inflation is having only limited impact
America’s economy grew much faster than previously thought in the third quarter, a sign that the Federal Reserve’s battle to cool the economy to fight inflation t is having only limited impact. The Commerce Department’s final reading Thursday morning showed gross domestic product, the broadest measure of the US economy, grew at an annual pace of 3.2% between July and September. That was above the 2.9% estimate from a month ago.
And consumer confidence improved in December according to a survey by the Conference Board, reaching the highest level since April. In addition, employers have continued to hire at a historically strong pace, although layoffs have increased in some industries, especially technology. A separate Labor Department report Thursday showed that unemployment claims remained relatively unchanged.
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