The government is expected to report stellar growth for the U.S. 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.
File - Shoppers look over blankets on sale in a Costco warehouse on Aug. 24, 2023, in Sheridan, Colo. On Thursday, the Commerce Department issues its first of three estimates of how the U.S. economy performed in the third quarter of 2023. Food is served at Serendipity 3 restaurant in New York City on Sunday, October 8, 2023. On Thursday, the Commerce Department issues its first of three estimates of how the U.S. economy performed in the third quarter of 2023.
Fed officials have acknowledged the pickup in growth, which could potentially undercut their efforts to fight inflation. Brisk consumer spending typically leads companies — those that sell physical goods as well as those, like restaurants and entertainment venues, in the economy’s vast service sector — to raise prices, thereby fueling inflation.from a four-decade high of 9.1% in June 2022.
“Additional evidence of persistently above-trend growth,” Powell said last week, “could put further progress on inflation at risk and could warrant further tightening of monetary policy.” “We view this initial jump as a sign that households were willing and able to resume these payments without requiring a large reduction in spending,” economists at JPMorgan write in a research note.
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