US Economy Surges to 4.3% Growth, Highest in Two Years
The U.S. economy experienced a significant surge in the third quarter, growing at an annual rate of 4.3%, according to reports released recently. This figure, the strongest in two years, surpassed expectations of 3.2% and highlights the economy's resilience amidst various challenges.
The growth was primarily fueled by a jump in consumer spending and increased exports. Consumer spending rose 3.5% annually, driven by increased healthcare expenditures. The report, which had been delayed by the US government shutdown, sheds light on an economy that has been buffeted by dramatic changes to trade and immigration policies, as well as persistent inflation and cuts to government spending.
Despite facing headwinds such as trade and immigration policy shifts, persistent inflation, and government spending cuts, the U.S. economy maintained solid momentum. Bank of America senior economist Aditya Bhave described the economy as "very very resilient" and predicted continued momentum.
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