Key Points
The U.S. economy grew faster than initially thought in the third quarter, but momentum appears to have since waned as higher borrowing costs curb hiring and spending...
Gross domestic product increased at a 5.2% annualized rate last quarter, revised up from the previously reported 4.9% pace, the Commerce Department's Bureau of Economic Analysis said in its second estimate of third-quarter GDP..
It was the fastest pace of expansion since the fourth quarter of 2021...
The economy grew at a 2.1% pace in the April-June quarter and is expanding at a pace well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%...
The upward revision to growth last quarter reflected upgrades to business investment as well as state and local government spending..
