The US economy reportedly grew faster than expected in the third quarter, but growth momentum is seen to have slowed as higher borrowing costs impacted wages and spending.
Gross Domestic Product (GDP/KDNK) increased at an annual rate of 5.2% for the last quarter, up from the 4.9% rate previously reported. This figure is based on the latest report from the Department of Commerce, Bureau of Economic Analysis. This is the fastest growth rate since the fourth quarter of 2021.
Economists have expected GDP growth to be rated at 5.0%. The economy grew at a rate of 2.1% in the April-June quarter and grew at a rate well above the growth rate that the Federal Reserve values at around 1.8%.
The uptick in growth last quarter reflected an increase in business investment as well as national and state government spending. Residential investment is also rated upward including private inventory investment. Growth in consumer spending, which accounts for more than two-thirds of US economic activity, has slowed though to a steady 3.6% rate.
The US dollar index continued to strengthen by registering a growth of 0.22% to a trading level of 102,882.
