US growth for last qtr likely reflected consumers’ resistance to Fed hikes

The government is expected Thursday to report stellar growth for the US economy during the July-September quarter, highlighting the durability of consumer and business spending despite the Federal Reserve’s efforts to cool the expansion with high interest rates.
Last quarter’s robust growth, though, will probably prove to be a high-water mark for the economy before a steady slowdown beginning in the current October-December quarter and extending into 2024.
Thursday’s report is sure to be seized upon by the Biden administration as evidence that its policies have helped spur solid growth, though surveys show that most Americans hold a sour view of the president’s handling of the economy.
The Commerce Department’s figures are expected to show that the nation’s gross domestic product the economy’s total output of goods and services expanded at a 3.8% annual pace in the third quarter, according to a survey of economists by FactSet. If accurate, that would amount to the fastest quarterl

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