30 Oct 2023
US GDP rose at a 4.9% annualized pace in the third quarter, up from an unrevised 2.1% pace in the second quarter, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had been looking for a 4.7% acceleration in real GDP, which also is adjusted for inflation, according to CNBC. The sharp increase came due to contributions from consumer spending, increased inventories, exports, residential investment and government spending. The GDP increase marked the biggest gain since the fourth quarter of 2021.