According to the US Department of Commerce, in the third quarter of this year, GDP increased by 5.2% on a yearly basis. The data was upwardly revised, as the previous estimate suggested a 4.9% rise.
In the second quarter of 2023, the US economy expanded by 2.1% year-over-year. A faster growth pace could be attributed to climbing consumer spending and private investments in the country's inventories. At the same time, investments in the real estate market dropped. A jump in exports also contributed to economic growth.
In the third quarter of 2023, spending of US citizens advanced by $218.3 billion compared to the previous report, which did take some data into account. The positive dynamic could also be explained by a rise in the salaries of private-sector employees and non-farm sector income.
Earlier, the international rating agency, Moody’s, considerably lowered its outlook on the US credit rating to "negative" from "stable." Notably, the US Treasury Department did not agree with such a decision.