Key Points
The USeconomy grew faster than initially thought in the third quarter as businesses built more warehouses and accumulated machinery equipment, but momentum appears to have since waned as higher borrowing costs curb hiring and spending...
When measured from the income side, economic activity increased at a moderate pace..
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 (BEA) said in its second estimate of third-quarter GDP..
Higher wages contributed to the economy growing at a 1.5% rate last quarter, the fastest in a year, when measured from the income side.. Gross domestic income (GDI) increased at a rate of 0.5% in the second quarter..
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 3.3% rate in the July-September period, quickening from a 1.3% growth pace in the second quarter...
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