The U.S. economy grew much faster than expected over three months ending in June, accelerating from the previous quarter and defying concerns about a possible slowdown.

U.S. GDP grew at a 2.8% annualized rate over three months ending in September. That figure doubled the annualized rate of growth undertaken over the previous quarter.

The economic expansion reflected a surge in consumer spending, the U.S. Bureau of Economic Analysis said on Thursday. The uptick in spending included purchases of housing, and cars, among other items, the BEA added.

  • DominusOfMegadeus
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    3 months ago

    If the Fed cuts interest rates as the economy is heating up, however, the central bank risks rekindling rapid price increases.

    Or, you know, DO something about the rampant price gouging. There is no reason on this earth why a bag of Cheetos at the supermarket should cost 7 fucking dollars.