The economy grew even faster in the third quarter than the supercha🅘rged🤡 pace that officials first estimated last month.

The inflation-adjusted Gross Domestic Product grew at an annual rate of 5.2% in the third quarter, the Bureau of Economic Analysis said Wednesday, upwardly revising the 4.9% growth rate it estimated last month. There is still one further revision to come for the GDP, which measures the nation’s entire economic output.

The upward revision highlights the resilience of the U.S. economy, which has grown at its fastest pace in years despite the Federal Reserve’s 澳洲幸运5官方开奖结果体彩网:campaign of anti-inflation interest rate 💖hikes that are meant to slow it down. The surge in growth has mainly been fueled by consumers who have 澳洲幸运5官方开奖结果体彩网:continu💝ed to buy more goods and services despite the Fed’s rate hikes driving up borrowing costs for credit cards anꩵd other consumer debt.

The GDP growth was the fastest since the fourth quarter of 2021 when the economy was recovering from the initial impact of the pandemic. Aside from the pandemic reopening sur♓ge, it was the fastest pace of growth since ജthe second quarter of 2014.

In its first revision of the official GDP figures, the BEA downwardly revised consumer spending, but upwardly revised estimates for non-residential investment and state and local government spending, based on new data they collected.