The U.S. economy grew at an annualized rate of 5.2% in Q3 as businesses built more warehouses and accumulated equipment. However, momentum appears to have since waned as higher borrowing costs curb hiring and spending. The pace of growth in Q3 likely exaggerated the health of the economy. When measured from the income side, economic activity increased at a moderate pace. Nevertheless, the report indicated the economy continued to grow despite fears of a recession that have persisted since late 2022. The economy is undoubtedly expanding at a pace well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%.

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