The Clap
The annual GDP grew by 3.2% during Q3, topping analysts’ estimates of a 2.9% increase.
What
The increase in exports and consumer spending drove an increase in the quarter’s GDP, with consumer spending contributing to two-thirds of the country’s economic activity.
So What
Stronger than expected GDP could push the Fed to continue interest rate hikes going into 2023, with the battle against inflation not over yet.
On the back of larger-than-expected growth in GDP, the S&P 500 saw a 1.45% decline in yesterday’s session.
Now What
GDP growth during the current quarter is expected to be 2.4%.
