US gross domestic product (GDP) rose by 2.8% in the third quarter, short of economists' forecasts of 3.1%, and down from the previous quarter's 3%.
The increase was driven primarily by consumer spending, exports and federal government spending.
The figures appear to vindicate US policymakers' efforts to bring down inflation from its highest level in a generation of 9.1% in June 2020 to an annual rate of 2.4% last month, its lowest rate in more than three years.
The US Federal Reserve rapidly increased interest rates to tamp down prices in a move that economists feared risked tipping the world's largest economy into recession. Such warnings failed to materialise.
This story is from the October 31, 2024 edition of The Guardian.
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This story is from the October 31, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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