Thndr Claps » U.S. Claps » Economy 🏢 » GDP blazes past expectations 📈
The ClapThe annual GDP grew by 3.2% during Q3, topping analysts’ estimates of a 2.9% increase.
WhatThe 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 WhatStronger 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 WhatGDP growth during the current quarter is expected to be 2.4%.
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