US economic growth unexpectedly revised down to 4.9% in third quarter

foxbusiness.com:

Council of Economic Advisers Chair Jared Bernstein tells ‘FOX News Sunday’ that ‘real wages’ are rising and the job market is 'as tight as it’s ever been.'

The U.S. economy grew at a slower pace in the third quarter than previously reported but remained resilient even in the face of still-high inflation and steep interest rates.

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 4.9% on an annualized basis in the three-month period from July through September, the Commerce Department said in its third and final reading of the data on Thursday. That compares with the previously reported 5.2% increase.

It marks the fastest pace of growth in nearly two years.

WORKERS NOW DEMANDING NEARLY $80K TO START NEW JOB

A worker grinds a weld on a safe that is being manufactured at Liberty Safe Co. in Payson, Utah, on March 22, 2022. (George Frey / Getty Images)

«The final look at GDP growth for the third quarter confirms the economy grew at a robust pace over the summer but tells little about the prospects of the economy as we head into 2024,» said Lydia Boussour, EY senior economist.

The change largely reflected a downward revision to consumer spending, which was lowered to a 3.1% rate.

DELINQUENCIES ARE RISING FOR CREDIT CARD, AUTO LOANS — AND IT COULD SOON GET WORSE

Despite the show of strength in the latest GDP report, there are other signs the economy is beginning to slow. Job growth is moderating; the housing market –—which is vulnerable to higher interest rates — is trapped in a prolonged downturn; and consumer spending has shown signs of cooling off. 

Many economists expect to see further cooling in coming months as higher interest rates continue to work their way