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By the Numbers: Third Quarter Economic Growth Exceeds Expectations

Consumer Confidence on Rise as Americans Make and Spend More

Today, the U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported third quarter real gross domestic product (GDP) increased at an annual rate of 4.9%, exceeding expectations.   

The increase in GDP is in large part due to Americans spending and making more. Consumer confidence is strong. Today’s report shows consumer spending in both goods and services is up four percent and personal disposable income (in current dollars) is up 1.9 percent. Americans also are saving, with the personal saving rate at 3.8 percent.

“Last quarter, the U.S. economy grew at a staggering 4.9%,” said Commerce Secretary Gina Raimondo. “That’s the biggest GDP gain in years and more proof that Bidenomics is working.”

As part of his economic agenda, President Biden believes in making smart investments in America including investing in America’s manufacturing industry. The manufacturing industry continues to boom. Annual manufacturing construction spending made the largest contribution to GDP ever driven by the building of houses and factories.

For more information, see today’s statement by President Biden on the third quarter 2023 GDP report.  

By the numbers is a new series that showcases the Commerce Department’s economic indicators and how they impact the American economy.

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