US economic growth for last quarter is revised up to a 5.2% annual rate

Source: Associated Press

US economic growth for last quarter is revised up to a 5.2% annual rate

BY PAUL WISEMAN
Updated 9:55 AM EST, November 29, 2023

WASHINGTON (AP) — Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate.

The government had previously estimated that the economy grew at a 4.9% annual rate last quarter.

In the current fourth quarter, though, economists say growth is likely slowing sharply from the cumulative effects of higher borrowing rates on consumer and business spending. TD Economics, for example, expects growth in the October-December period to come in at a 1.8% annual rate.

Wednesday’s second estimate of growth for the July-September quarter confirmed that the economy sharply accelerated from its 2.1% rate from April through June. It showed that the U.S. gross domestic product — the total output of goods and services — grew at its fastest quarterly rate in nearly two years.

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Read more: https://apnews.com/article/economy-growth-inflation-gdp-consumers-spending-rates-4bbedd16f8a8d45afdfc4c3bc1812605