{"id":36454,"date":"2023-10-26T21:29:37","date_gmt":"2023-10-26T21:29:37","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/economy-expands-at-2-year-best-4-9-pace-but-rapid-growth-unlikely-to-last\/"},"modified":"2023-10-26T21:29:39","modified_gmt":"2023-10-26T21:29:39","slug":"economy-expands-at-2-year-best-4-9-pace-but-rapid-growth-unlikely-to-last","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36454","title":{"rendered":"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019"},"content":{"rendered":"
\n

Topline<\/h2>\n

U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising signs of resilience\u2014though experts are not convinced growth will continue this trajectory as a variety of headwinds test the economy. <\/strong><\/p>\n

Key Facts<\/h2>\n
\n
\n

Gross domestic product increased at an annual rate of 4.9% during the three-month period ending September 30, according to Bureau of Economic Analysis data released Thursday morning.<\/p>\n<\/p><\/div>\n

\n

That tops even the lofty 4.7% expansion forecasted by economists surveyed by the Wall Street Journal<\/em>.<\/p>\n<\/p><\/div>\n

\n

It\u2019s the largest 12-month gain in GDP since 2021\u2019s fourth quarter, which most notably was the quarter preceding the Federal Reserve\u2019s ongoing interest rate hiking campaign designed to lessen inflation and expected to bring down economic growth as collateral damage.<\/p>\n

<\/fbs-ad>\n <\/div>\n

\n

But the strong GDP growth is \u201cunlikely to last,\u201d Comerica\u2019s chief economist Bill Adams wrote in emailed comments, suggesting the \u201csplurge\u201d in discretionary spending in the summer will likely cool, exacerbated by a variety of shocks including the resumption of student loan payments and a possible federal government shutdown that will weigh on GDP.<\/p>\n<\/p><\/div>\n

\n

JPMorgan economists project annual GDP growth to slow to 1.5% during 2023\u2019s final quarter, which would be the weakest growth since 2022\u2019s second quarter.<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

The U.S. actually entered a technical recession last year when output contracted for consecutive quarters, but most experts agree the economy has yet to enter a full-blown recession despite a variety of concerning factors, including a run on banks in the spring and the worst stock market losses since 2008 last year. The growth slip-up came after the Fed hiked the federal funds rate from near-zero to a two-decade high of 5.25% to 5.5%, challenging growth as debt financing for consumers and corporations alike grew significantly more expensive.<\/p>\n

Crucial Quote<\/h2>\n

\u201c<\/strong>We\u2019ve only seen the beginning\u2026of the toll this tightening is likely to take on consumers and business,\u201d Darrell Cronk, Wells Fargo Wealth and Investment Management\u2019s chief investment officer, wrote in a note to clients this week. Cronk noted that every time the Fed embarked on a similar hiking campaign over the last 50 years there\u2019s been a \u201csharp downturn\u201d in the economy, something that\u2019s yet to materialize thus far.<\/p>\n

<\/h2>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising signs of resilience\u2014though experts are not convinced growth will continue this trajectory as a variety of headwinds test the economy. Key Facts Gross domestic product increased at an annual rate of […]<\/p>\n","protected":false},"author":1,"featured_media":36455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-36454","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nEconomy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019 | Prosfunds<\/title>\n<meta name=\"description\" content=\"Topline U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=36454\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019 | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"Topline U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prosfunds.com\/?p=36454\" \/>\n<meta property=\"og:site_name\" content=\"Prosfunds\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-26T21:29:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-26T21:29:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/10\/1698355778_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prosfunds.com\/?p=36454#article\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/?p=36454\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\"},\"headline\":\"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019\",\"datePublished\":\"2023-10-26T21:29:37+00:00\",\"dateModified\":\"2023-10-26T21:29:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prosfunds.com\/?p=36454\"},\"wordCount\":388,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/prosfunds.com\/?p=36454#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prosfunds.com\/?p=36454\",\"url\":\"https:\/\/prosfunds.com\/?p=36454\",\"name\":\"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019 | Prosfunds\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/#website\"},\"datePublished\":\"2023-10-26T21:29:37+00:00\",\"dateModified\":\"2023-10-26T21:29:39+00:00\",\"description\":\"Topline U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising\",\"breadcrumb\":{\"@id\":\"https:\/\/prosfunds.com\/?p=36454#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/prosfunds.com\/?p=36454\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/prosfunds.com\/?p=36454#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/prosfunds.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/prosfunds.com\/#website\",\"url\":\"https:\/\/prosfunds.com\/\",\"name\":\"Funding Factories\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/prosfunds.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/prosfunds.com\/#organization\",\"name\":\"Funding Factories\",\"url\":\"https:\/\/prosfunds.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"width\":780,\"height\":140,\"caption\":\"Funding Factories\"},\"image\":{\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/prosfunds.com\"],\"url\":\"https:\/\/prosfunds.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019 | Prosfunds","description":"Topline U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prosfunds.com\/?p=36454","og_locale":"en_US","og_type":"article","og_title":"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019 | Prosfunds","og_description":"Topline U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising","og_url":"https:\/\/prosfunds.com\/?p=36454","og_site_name":"Prosfunds","article_published_time":"2023-10-26T21:29:37+00:00","article_modified_time":"2023-10-26T21:29:39+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/10\/1698355778_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/prosfunds.com\/?p=36454#article","isPartOf":{"@id":"https:\/\/prosfunds.com\/?p=36454"},"author":{"name":"News Room","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6"},"headline":"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019","datePublished":"2023-10-26T21:29:37+00:00","dateModified":"2023-10-26T21:29:39+00:00","mainEntityOfPage":{"@id":"https:\/\/prosfunds.com\/?p=36454"},"wordCount":388,"commentCount":0,"publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/prosfunds.com\/?p=36454#respond"]}]},{"@type":"WebPage","@id":"https:\/\/prosfunds.com\/?p=36454","url":"https:\/\/prosfunds.com\/?p=36454","name":"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019 | Prosfunds","isPartOf":{"@id":"https:\/\/prosfunds.com\/#website"},"datePublished":"2023-10-26T21:29:37+00:00","dateModified":"2023-10-26T21:29:39+00:00","description":"Topline U.S. economic output grew at its most robust annual rate in nearly two years during the third quarter, as the economy demonstrates surprising","breadcrumb":{"@id":"https:\/\/prosfunds.com\/?p=36454#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/prosfunds.com\/?p=36454"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/prosfunds.com\/?p=36454#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/prosfunds.com\/"},{"@type":"ListItem","position":2,"name":"Economy Expands At 2-Year Best 4.9% Pace\u2014But Rapid Growth \u2018Unlikely To Last\u2019"}]},{"@type":"WebSite","@id":"https:\/\/prosfunds.com\/#website","url":"https:\/\/prosfunds.com\/","name":"Funding Factories","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/prosfunds.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/prosfunds.com\/#organization","name":"Funding Factories","url":"https:\/\/prosfunds.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","width":780,"height":140,"caption":"Funding Factories"},"image":{"@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","caption":"News Room"},"sameAs":["https:\/\/prosfunds.com"],"url":"https:\/\/prosfunds.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/36454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36454"}],"version-history":[{"count":1,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/36454\/revisions"}],"predecessor-version":[{"id":36456,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/36454\/revisions\/36456"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/media\/36455"}],"wp:attachment":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}