If 18 months of rising interest rates from the Federal Reserve were supposed to put a chill on the world’s biggest economy, US consumers had another idea.
New federal data on Thursday showed the US economy expanded by an annualised rate of 4.9 per cent in the third quarter — a blistering pace that, not for the first time, defied gloomier predictions from economists.
“It has been an exercise in humility,” said Kathy Bostjancic, chief economist at Nationwide, referring to forecasters’ dim record since the pandemic.
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