Over the three months leading up to September, the US economy accelerated as exports rose and consumer spending surged. The world’s largest economy grew at an annual pace of 4.3%, up from 3.8% in the preceding quarter. That represented the largest gain in two years and exceeded expectations.
The report, which was delayed by the U.S. government shutdown, provides insight into an economy that has been battered by significant shifts in immigration and trade policies, as well as ongoing inflation and government expenditure reductions. Despite significant fluctuations in some areas, such as imports and exports, the underlying economy has continued to grow and has exceeded many projections.
According to Aditya Bhave, senior economist at Bank of America, “this economy has essentially defied doom and gloom expectations since the beginning of 2022.” Mr. Bhave called the economy “very very resilient” in an interview with the BBC’s Business Today program. He continued, I don’t see why that wouldn’t continue moving ahead. Most analysts had predicted an annual growth rate of approximately 3.2%, but the overall growth rate for the third quarter was substantially higher.
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