US ECONOMY GROWS 5.2% IN THIRD QUARTER

The U.S. economy grew faster than initially thought in the third quarter as businesses built more warehouses and accumulated machinery equipment, but momentum appears to have since waned as higher borrowing costs curb hiring and spending.

The growth pace, which was the quickest in nearly two years, however, likely exaggerated the health of the economy last quarter. When measured from the income side, economic activity increased at a moderate pace. Nevertheless, the report from the Commerce Department on Wednesday indicated the economy continued to grow despite fears of a recession that have persisted since late 2022.

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