On October 26th, according to preliminary estimates released by the United States Bureau of Economic Analysis, the real gross domestic product (GDP) of the United States in the third quarter of 2023 grew at a seasonally adjusted annualized rate of 4.9%, compared to the previous value of 2.1%.
Image from the official website of the United States Bureau of Economic Analysis
Previously, the market expected the US GDP to grow by 4.3% in the third quarter, and predicted that the economic growth rate in the third quarter would be the fastest in nearly two years, mainly due to the tight labor market leading to wage increases, boosting consumer spending. But there are also predictions that due to the UAW strike and the resumption of student loan repayments, economic growth in the United States may slow down in the fourth quarter.