Time to rethink thoughts of recession.
www.foxbusiness.com
Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 3.2% on an annualized basis in the three-month period from July through September, the Commerce Department said in its third and final reading of the data Thursday. That compares with the previously reported 2.9% increase.
The change stemmed from a significant upward revision to personal consumption, which rose 2.3% in the final report compared to the earlier 1.7% reading. Services spending was also stronger in the third quarter than initially reported.
Those figures underscore that consumer spending remains solid, despite scorching-hot inflation and higher interest rates. Hiring has also remained strong despite growing economic headwinds.
US economic growth revised up to 3.2% in third quarter in show of resiliency
Third-quarter GDP was previously reported to have increased 2.9%
US economic growth revised up to 3.2% in third quarter in show of resiliency
The U.S. economy expanded in the third quarter after shrinking in the first half of the year, but economists remain worried about a recession in 2023.
The change stemmed from a significant upward revision to personal consumption, which rose 2.3% in the final report compared to the earlier 1.7% reading. Services spending was also stronger in the third quarter than initially reported.
Those figures underscore that consumer spending remains solid, despite scorching-hot inflation and higher interest rates. Hiring has also remained strong despite growing economic headwinds.
