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US economy grows at fastest pace in nearly two years in third quarter of 2023

US economy grows at fastest pace in nearly two years in third quarter of 2023

High wages and a tight labor market powered consumer spending, leading to GDP growth of 4.9%The US economy grew at its fastest pace in nearly two years in the third quarter as higher wages from a tight labor market helped to power consumer spending, again defying dire warnings of a recession that have lingered since 2022.Gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021, the commerce department’s Bureau of Economic Analysis said in its advance estimate of third-quarter GDP growth. Economists polled by Reuters had forecast GDP rising at a 4.3% rate.

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