The US economy grew solidly in the third quarter, with consumer spending increasing at its fastest pace in 1-1/2 years and inflation slowing sharply, continuing to defy forecasts of doom and outperforming its global peers.
The Commerce Department's advance estimate of third-quarter gross domestic product on Wednesday also showed robust business investment in equipment last quarter. The report was published less than a week before Americans head to the polls on November 5.
Polls show the race is a toss-up, with the health of the economy top on the minds of Americans, who have grumbled about high food and housing costs. The economy has stayed resilient despite 5.25 percentage points of interest rate increases in 2022 and 2023 from the Federal Reserve to tame inflation.
Denne historien er fra October 31, 2024-utgaven av Business Standard.
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Denne historien er fra October 31, 2024-utgaven av Business Standard.
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