Great president, or the greatest president? Trump never had close to 4.9% growth in any quarter. He promised it, but as always, he couldn't deliver.
The U.S. economy grew by an annualized rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
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New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
What’s particularly remarkable is that the economy grew so strongly amid the highest interest rates in more than 15 years, as the Federal Reserve tries to cool the economy down to curb inflation.
U.S. economy grows at blockbuster pace in third quarter
GDP grew at an annual rate of 4.9 percent from July to September, the highest reading since 2021
The U.S. economy grew by an annualized rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
Get a curated selection of 10 of our best stories in your inbox every weekend.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
What’s particularly remarkable is that the economy grew so strongly amid the highest interest rates in more than 15 years, as the Federal Reserve tries to cool the economy down to curb inflation.
