The U.S. economy grew at an annualized rate of 4.9% in the third quarter as higher wages helped fuel consumer spending and businesses restocked at a brisk clip to meet the strong demand. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, accelerated at a 4.0% rate and added 2.7 percentage points to GDP growth, and was driven by spending on both goods and services. Though the blockbuster performance over the summer is likely not sustainable, it showcased the economy's stamina despite aggressive interest rate increases from the Federal Reserve.
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Robert G. Gilliland, CRPC®, CEPA®Managing Director and Senior Wealth Advisor
Robert’s career has been a blend of high personal performance and team building. He earned a Bachelor’s degree in Finance from Stephen F. Austin State University. To pay for his schooling, he ran a franchise of restaurants, gaining experience in managing time, people and money that would serve him well in his later endeavors. After […]
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