U.S. appears to have sped up, not slowed down
The U.S. economy has not only defied widespread predictions of a sharp slowdown. It’s grown even faster.
To some extent the Fed has succeeded. Home sales and construction, for instance, have tumbled due to the highest mortgage rates in decades. And manufacturers have taken a hit as customers curtailed purchases of goods and big-ticket items. S&P Global estimates a flush of consumer spending in the third quarter will account for just over half of the growth.
Making the third quarter look even better, the U.S. trade deficit fell sharply and is likely to add 1.0 percentage point or more to GDP.So the economy is doing great, right? Maybe not.
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