Consumer spending and exports both made strong contributions, with the U.S. Q3 economic growth at 3.1%, exceeding expectations
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The U.S. economy grew by 3.1% in the third quarter of 2023, exceeding the expected 2.8%. Strong performances in consumer spending and exports were the main driving factors, with consumer spending increasing by 3.7% and exports rising by 9.6%. Despite market expectations of an economic slowdown, data shows that the U.S. economy is still growing strongly. The Federal Reserve hinted that the pace of interest rate cuts will slow down, with the core personal consumption expenditure price index slightly rising to 2.2%
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