Report: GDP Surged At 4.9% In Third Quarter

According to the Commerce Department, gross domestic product surged at a 4.9% annual rate over the summer as the job market continued strong, and falling inflation gave Americans confidence to spend on goods and services. This news comes on the heels of solid 2%-plus readings in the first two quarters of the year. Not quite the doom and gloom you keep hearing about from some folks.  https://twitter.com/nytimes/status/1717521452528750668 From the New York Times:

Gross domestic product, the primary measure of economic output, grew at a 4.9 percent annualized rate from July through September, the Commerce Department reported Thursday.

The pace exceeded forecasts and was the strongest showing since late 2021, defying predictions of a slowdown prompted by the Federal Reserve’s interest rate increases.

The acceleration was made possible in part by slowing inflation, which lifted purchasing power even as wage growth weakened, and a job market that has shown renewed vigor over the past three months.

Also this from ABC News:

A blockbuster jobs report earlier this month exceeded economist expectations by nearly twofold. Consumer spending, which accounts for nearly three-quarters of U.S. economic activity, surged in September, according to data released last week.

Consumers hiked spending on services like medical appointments and dinners out, as well as goods like cars and prescription drugs, the BEA said.

Consumer spending also jumped at a 4% rate, the fastest since 2021. A year ago, some “experts” told us we’d be in the middle of a recession by now. #nope Related: U.S. Economy/GDP Returns To Pre-Pandemic Levels I can tell you when I go to my regular grocery store or other shopping centers here in Las Vegas, the parking lots are almost always full. Folks are spending money. https://twitter.com/axios/status/1717521351697670198