The US economy expanded 2.8% in the third quarter of 2024, meeting expectations set by financial markets, the latest GDP report showed. That annualized growth rate was a further reflection of the resilience in the US economy, though a little down from the growth of 3.0% in the prior quarter.
The minor slowdown suggests a more measured pace of expansion, although a 2.8 percent growth rate is very robust, reflecting steady consumer spending and production levels. The analysts also see this as a good omen for the general health of the economy since stable growth in GDP adds to investors' confidence and justifies the gradual monetary approach being taken up by Federal Reserve authorities.
While the growth in GDP is relevant, economists have reiterated that one has to consider this within its broader context-that is, together with other important indicators such as employment, inflation, and consumer confidence-to get the full picture of where the economy is going. The 2.8% growth reflects stability but indicates that vigilance in monitoring future trends will be called for.
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