Economic Expansion in Q3
The US economy exhibited remarkable growth in the third quarter of 2023, with real gross domestic product (GDP) climbing at an annual rate of 5.2%, a notable increase from the 2.1% expansion seen in the second quarter. This surge in GDP, based on more complete data than the earlier “advance” estimate, which pegged growth at 4.9%, signals robust economic activity.
Detailed Analysis of Growth
The upward revision in GDP growth chiefly reflects an increase in nonresidential fixed investment and higher state and local government spending. However, these were partially offset by a decrease in consumer spending, which remains a critical component of the economy. Imports, which negatively impact GDP calculations, were revised downwards.
Sector-Specific…
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