The US economy grew by 4.9 percent in the last quarter. This is despite several interest rate hikes and a sluggish global economy. This is the biggest growth since 2021.
Consumer spending, among other things, rose sharply. Government spending and growing exports contributed to this good result in the US, the world's largest economy.
The growth was higher than in the previous quarter when a 2.1 percent increase was recorded.
Americans have been dealing with rising prices for a long time. So the central bank has raised interest rates several times to keep inflation under control. A side effect of this is often reduced economic growth. But that's not the case in America right now.
Wages in the U.S. have risen sharply in recent months, faster than prices for goods and services. That means families have to spend more. With fewer workers, employers are raising wages dramatically.
Experts expect economic growth to slow down in the coming quarter. Americans' savings are slowly draining. Homebuilders are also more cautious due to global uncertainty.
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