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The preliminary data indicates that the U.S. economy grew by an impressive 4.9% in the third quarter. This figure surpasses the expectations of many observers, who had projected around 4.2%. Notably, this represents the fastest growth rate since 2021, defying predictions given the backdrop of rising interest rates and escalating geopolitical tensions that typically act as headwinds to economic expansion.
Despite these challenges, the robust GDP increase suggests resilience in the American economy—at least on the surface.
Key Drivers Behind the Growth
Understanding what fueled this unexpected growth is crucial. The primary contributors were: