In The US Economy 4.9% Of GDP Growth Third quarter

In 2023, the US economy is growing faster in the Third quarter. The GDP Growth Third quarter by having strong consumers despite higher interest rates, ongoing inflation pressures, and various domestic and global headwinds. The gross domestic product produced all goods and services. The commerce department reported on Thursday that there was an adjusted 4.9% annualized growth and in the second quarter there was 2.1% growth. Dow Jones has been looking for a 4.7% acceleration in real GDP, which also is adjusted for inflation. In GDP Growth Third quarter, There is a sharp increase due to contributions from consumer spending, exports, residential investment, and government spending.

The consumers who are spending on personal consumption expenditures increased by 4% for the quarter, and in the second quarter after rising just 0.8% it was responsible for 2.7% points of the total GDP increase. Gross private domestic investment surged by 8.4% and government spending and investment jumped by 4.6% by GDP Growth Third quarter.

When many economists had thought the U.S. would be in the middle of at least a shallow recession, there is growth in consumer spending that has exceeded all expectations. GDP Growth Third quarter, The consumer was responsible for about 68% of GDP in the third quarter. At the time of the Covid-era government transferred their payments which were running out, the spending has been strong as households draw down savings and ramp up credit card balances. As compared to the previous year now in the third quarter the personal saving rate declined to 3.8% and in the previous it was 5.2%. After increasing in the second quarter is 3.5% the real tax income fell 1% in the quarter.

Mamta

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