US Economy Accelerates to 4.3% Growth, Highest in Two Years
The United States economy experienced a surge in growth during the third quarter, expanding at an annual rate of 4.3%, according to reports released this week. This figure, the strongest in two years, surpassed expectations of 3.2% and signals a resilient economy despite ongoing economic headwinds.
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.
According to Bank of America senior economist Aditya Bhave, the economy has been "very very resilient." Bhave also predicted continued momentum for the US economy.
While the US economy has been buffeted by dramatic changes to trade and immigration policies, as well as persistent inflation and cuts to government spending, the underlying economy has maintained solid momentum, out.
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