GDP, Inflation on Tap as Market, Economy Deal With War and High Interest Rates

At the onset of 2023, optimism for a prosperous year was scarce among economists. In fact, many had anticipated a recession by this point.

However, as the government prepares to unveil its preliminary estimate of the third-quarter gross domestic product on Thursday, expectations are set for a robust 5% annual growth rate.

This surpasses the 2.1% recorded in the second quarter and serves as a testament to the resilience of consumer activity.

Even Federal Reserve Chairman Jerome Powell has acknowledged the surprising vitality of the U.S. economy while presiding over a record series of interest rate hikes initiated early last year, US News reported.

READ MORE: https://www.usnews.com/news/economy/articles/2023-10-23/gdp-inflation-on-tap-as-market-economy-deal-with-war-and-high-interest-rates

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