Amplify: The US Economy Grew by 4.9% in Third Quarter 2023
In a positive sign for the Biden Administration, U.S. economic growth surged by an annualized rate of 4.9% between the July and September Third Quarter 2023. This robust pace was driven by a notable drop in inflation, a strong job market, and the Administration’s investments in infrastructure that spurred manufacturing and construction.
Highlights:
In September, the annualized rate of inflation fell to 3.7%.
Though many Americans are still feeling the pressure from previously high inflation, average pay is starting to outpace price increases and enhance people’s ability to spend. Average hourly pay is up 4.2% over the past 12 months.
Reduced inflation and five straight quarters of growth have led the Federal Reserve and many economists to predict a “soft-landing” for the economy, bringing down inflation without triggering a recession.
The net worth of a typical household jumped 37% from 2019 through 2022.
Amplify the message on social media:
