U.S. GDP grew at a 4.9% annualized rate over three months ending in September.
The U.S. economy grew at a blistering pace over three months ending in September, more than doubling growth in the previous quarter and rebuking worries about a possible recession. The robust performance, however, complicates the fight to dial back inflation.
The surge owed in large part to an increase in consumer spending, the Bureau of Economic Analysis, a government agency, said on Thursday. Speaking at a luncheon in New York City last week, Fed Chair Jerome Powell noted the unexpectedly strong economic performance in recent months.Inflation stands well below its peak last year of over 9%, but progress has stalled in recent months and price growth remains more than a percentage point higher than the central bank's target rate.
The onset of some financial pain is exemplified by the housing market, where the average interest rate for a 30-year fixed mortgage reached 8% last week,
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Malaysia: Healthy prints from flash Q3 GDPSenior Economist Julia Goh and Economist Loke Siew Ting at UOB Group review the recently published advanced readings for the Q3 GDP in Malaysia. Key T
Read more »
This Lenovo Tab M10 Plus (3rd Gen) deal is a bargain hunter's dreamRight now, you can treat yourself to a Lenovo Tab M10 Plus (3rd Gen) and save $50 on Best Buy. Get yours while you can.
Read more »
Treasury yields nudge higher as traders eye GDP and inflation data in coming daysJamie Chisholm is a markets reporter based in London.
Read more »
Thomas Harley and Wyatt Johnston's 3rd-period goals help Stars defeat Penguins 4-1Thomas Harley and Wyatt Johnston scored third-period goals and the Dallas Stars beat the Pittsburgh Penguins 4-1 on Tuesday.
Read more »
Underhill and Arundell back for England in Rugby World Cup 3rd-place gameFlanker Sam Underhill will make his first England appearance in more than a year and winger Henry Arundell his second of the Rugby World Cup in the third-place game against Argentina on Friday in Paris. England has undergone eight changes after the semi-final was lost to South Africa 16-15 last Saturday.
Read more »
Thomas Harley and Wyatt Johnston's 3rd-period goals help Stars defeat Penguins 4-1Thomas Harley and Wyatt Johnston scored third-period goals and the Dallas Stars beat the Pittsburgh Penguins 4-1 on Tuesday.
Read more »