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U.S. Economy Grows at Blockbuster Pace in Q3 2023

GDP grew at an annual rate of 4.9 percent from July to September

The U.S. economy grew by an annual rate of 4.9 percent in the third quarter (Q3 2023), the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.

New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.

The economy's resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.

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