The gross domestic product (GDP) of USA It advanced 1.2% in the third quarter, which represents a rebound in growth, according to data from the Bureau of Economic Statistics (BEA) published this Thursday.
According to this report, the annual growth rate was 4.9%, which leaves behind the slowdown that the world’s leading economy noted in the second quarter, when quarter-on-quarter growth was only half a point, at an annual rate of 2.1%.
For the president of USAJoe Biden, those figures are an example of the “resilience of American consumers and workers” and the result of the economic agenda promoted under his mandate.
“The unemployment rate has been below 4% for 20 consecutive months, real wages have increased over the past year, and median household wealth has grown by a record amount taking inflation into account.”he said in a statement provided by the White House.
The strength of household consumption, together with the increase in exports and greater spending on private and public investment, drove the highest growth between July and September.
“I hope congressional Republicans will join me in building on this progress rather than putting our economy at risk with reckless threats of a government shutdown or proposals to cut taxes for the wealthy and large corporations while cutting essential programs.“Biden added.
The data is known a few days after the Federal Reserve (Fed) hold a new monetary policy meeting after which a new rate increase could be decided, given that the economy does not show signs of cooling, quite the opposite, and inflation does not go down to the desired extent.
The latest inflation data placed this rate at 3.7% in September, the same as the previous month.
The president of the FedJerome Powell already warned last week in a speech in New York that interest rates will have to remain high because there is still a way for inflation to reach its 2% target.
Rates are now in the range of 5.25% and 5.5%, their highest level since 2001.
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
