The post-pandemic U.S. economy is a boxer that aggressive interest rate hikes and global uncertainty have failed to overcome. The world’s leading power is showing powerful growth as it enters a more than delicate phase: presidential elections that can change everything, in the country and in the world. In the third quarter of the year, the gross domestic product (GDP) of the United States increased by 2.8% at an annualized rate after increasing by 3% in the second quarter, according to data released on Wednesday by the Bureau of Economic Analysis (BEA). of the United States Department of Commerce. Even though analysts were expecting a new 3% annualized, the disappointment was minimal and confirms that there is one more journey for the soft landing story of the American economy amid constant calls for recession. Courtesy of the October jobs report, released this Friday and usually the big catalyst for markets, the GDP data reinforces the thesis that The Fed will slow down its rate cuts of interest after its big and surprising “jumbo” drop in September.
If the car continues to go fast, it’s because the engine seems to work perfectly. In the case of the American economy, this engine is the American consumerwhich represents more than two thirds of GDP. Personal consumption expenditure rose spectacularly by an annualized 3.7% between July and September. This figure exceeds the strong 2.8% annualized for the second quarter and gives a boost to analyzes which pointed to consumer wear and tear. Within this category, spending on goods reflected a powerful rebound of 6% at an annualized rate, or double between April and June. In the case of durable goods, the expansion was 8.1% at an annualized rate compared to 5.5% in the previous quarter.
