According to the Bureau of Economic Analysis (BEA), the US economy grew at an annual rate of 4.9% in the third quarter of 2023 This is the strongest economic growth since the fourth quarter of 2021.
The growth was driven by a strong consumer sector, which accounts for about two-thirds of the US economy. Consumer spending increased at an annual rate of 2.8%, the fastest pace since the first quarter of 2022.
Business investment also increased in the third quarter, rising at an annual rate of 5.3%. This is the strongest growth in business investment since the fourth quarter of 2021.
The US economy is expected to continue to grow in the fourth quarter of 2023, but at a slower pace. The Atlanta Fed’s GDPNow model is currently forecasting fourth-quarter GDP growth of 2.9%.
Overall, the GDP data shows that the US economy is doing very well. The economy is growing, consumers are spending, and businesses are investing. This is good news for American workers and families.
- Gross Domestic Product – BEA Data: https://www.bea.gov/data/gdp/gross-domestic-product
- Gross Domestic Product, Third Quarter 2023 (Advance Estimate): https://www.bea.gov/news/2023/gross-domestic-product-third-quarter-2023-advance-estimate