US economy accelerated to a strong 4.9% rate last quarter as consumers shrugged off Fed rate hikes

By CHRISTOPHER RUGABER AP Economics Writer
Oct 26, 2023
Oct 26, 2023 Updated Mar 1, 2024

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WASHINGTON — The nation's economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace.

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Economy GDP — File - Shoppers look over blankets on sale in a Costco warehouse on Aug. 24, 2023, in Sheridan, Colo. On Thursday, the Commerce Department issues its first of three estimates of how the U.S. economy performed in the third quarter of 2023. (AP Photo/David Zalubowski, File)
David Zalubowski

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