US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.
Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2% from July through September, according to the Commerce Department’s second estimate, released Wednesday morning. GDP is adjusted for inflation and seasonal swings.
Wednesday’s latest estimate reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated.
After a robust third quarter, the US economy is widely expected to grow at a much slower rate in final months of the year as pandemic savings dwindle and interest rates remain at a 22-year high.
This story is developing and will be updated.
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