The post The economy probably showed gangbuster growth in the third quarter. But will it last? appeared on BitcoinEthereumNews.com.

People shop along Broadway in Manhattan on July 27, 2023 in New York City. Spencer Platt | Getty Images The U.S. economy likely turned in another strong performance heading into the final part of the year, though what’s ahead could be significantly different. Gross domestic product, or the sum of all goods and services produced in the U.S. economy, is expected to post a 4.7% annualized gain for the third quarter, according to a Dow Jones consensus estimate. The Commerce Department will release its first estimate of GDP at 8:30 a.m. ET. If the projection is correct, it will be the strongest output since the fourth quarter of 2021, when growth was just shy of 7%. However, policymakers, economists and markets will be focused more on forward-looking signals from an economy that repeatedly has defied expectations. “We ought to look at whatever we print in the third quarter with a large degree of suspicion,” said Joseph LaVorgna, chief economist at SMBC Nikko Securities America. “GDP doesn’t tell us where we’re going. We can feel all warm and fuzzy about a good number. But the real problem is what’s next.” For much of the past two years, economists have been waiting for the economy to slow down and possibly enter a recession. In fact, the the Federal Reserve itself had been forecasting a mild contraction, but retracted that recently in the wake of resilient consumer that has kept growth afloat. That’s expected to be the case again in the July-through-September period. The consumer keeps consuming The Atlanta Fed employs a growth tracker it calls GDPNow, which takes in data on a real-time basis and adjusts its projections accordingly. Over the past two years or so, the gauge has had a good track record, outperforming consensus nine of the past 10 quarters,…

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Filed under: News - @ October 25, 2023 10:24 pm