Washington, (Asian independent) The US economy expanded at an even stronger pace in the third quarter, despite interest rates at their highest level in 22 years, a media report said.
Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualised 4.9 per cent rate in the third quarter, the Commerce Department said on Thursday, CNN reported. GDP is adjusted for inflation and seasonal swings.
The rate is well above the second quarter’s 2.1 per cent pace and faster than economists’ expectations of a 4.3 per cent rate.
Robust consumer spending fueled growth in the third quarter, a sign of the economy’s remarkable resilience in the face of tougher borrowing costs and persistently high inflation, CNN reported.
But that strength isn’t expected to continue as the economy faces a number of headwinds, including soaring bond yields, and the resumption of student loan repayments.
