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US economy grew by 5% in Q3 yet signs of slowdown emerge
Posted on December 4, 2023 |
The latest GDP report indicates a robust 5.2% annualized growth last quarter, revised from the initial 4.9%, marking the fastest expansion since Q4 2021.
The economy's growth in April-June exceeded expectations at 2.1%, well surpassing the Federal Reserve's non-inflationary target of 1.8%.
Positive revisions to last quarter's growth are attributed to increased business investment, state/local government spending, and higher residential and private inventory investment.
Despite these positive trends, consumer spending, a key driver of the U.S. economy, saw a slight dip to a still-healthy 3.6%, down from the previous estimate of 4.0%.
Recent data suggests a slowdown in consumer spending at the beginning of Q4, with October witnessing the first drop in retail sales in seven months.
Additionally, the labor market is showing signs of easing, with slower job growth and a rise in the unemployment rate to 3.9%, the highest in 2 years.
In summary, the economic landscape reveals a mix of positive growth indicators and emerging challenges, especially in consumer spending and the labor market.