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Consumer Spending Powers Q3 US GDP Growth to 2.8%

The U.S. economy grew at an annual rate of 4.9% in the third quarter of 2023, marking the strongest growth in nearly two years, according to the Commerce Department's initial estimate. This surge was driven by robust consumer spending, increases in private inventory investment, and federal government spending. Despite this growth, concerns about inflation persist, with the Federal Reserve closely monitoring economic indicators to decide on future interest rate adjustments. The report also highlighted a significant increase in exports, particularly in petroleum, and a rise in business investments in equipment and intellectual property products. However, there was a notable decrease in housing investment, reflecting the impact of higher mortgage rates.

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