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U.S. Economic Growth Quickened Last Quarter With Inventory Boost -Breaking

by Mike Robinson

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© Bloomberg. Baltimore robotics center worker using a forklift in order to transport packages. Photographer: Andrew Harrer/Bloomberg

(Bloomberg, USA) — U.S. growth was accelerated during the third quarter of the previous year due to the recovery of inventories as well as a rise in consumer spending.

Gross domestic product expanded at a annualized rate following a 2.3% pace in the third quarter, the Commerce Department’s preliminary estimate showed Thursday. Federal Reserve officials closely monitor the personal consumption expenditures price indicator, which excludes food and energy. It grew by 4.9% annually last quarter. 

According to a Bloomberg Survey of Economists, the median estimate for GDP growth was 5.5%.

©2022 Bloomberg L.P.

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