The Prince said that on 26 October, thanks to a surge in consumption spending, the United States economy had grown at a quarterly rate of almost two years. According to preliminary data released by the United States Government on Thursday (26), annual GDP growth in the United States accelerated to 4.9 per cent, more than double the previous quarter, exceeding market expectations by 4.7 per cent.
In addition, data show that in the three quarters, the main engine of growth in the United States economy, namely, personal consumption expenditure, increased by 4 per cent, the highest level since 2021.
At the same time, core inflation indicators have slowed to their lowest levels since 2020.
In a context of high prices and high borrowing costs, economic growth in the United States has remained stable, surpassing the expectations of forecasters and easing recessionary concerns.
The main driving force behind this resilience is the continued strong job market, which continues to drive the growth of household demand.