The US economy experienced a robust growth of 4.9% annual rate in Q3 of 2022, primarily due to increased consumer spending and government expenditure. Despite a hike in prices and interest rates, Americans continued to spend at a brisk pace.
This growth was unexpected and exceeded economists’ predictions, with the GDP expanding at the fastest pace in over two years.
Consumer spending, which accounts for the majority of the economy’s growth, was the main driver behind this acceleration. Furthermore, despite the Federal Reserve’s attempts to slow growth, the economy managed to surge. Wage growth has also outpaced inflation, which has increased households’ purchasing power.
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