A report released by the Commerce Department on Thursday showed U.S. gross domestic product soared by more than expected in the third quarter of 2023.
The Commerce Department said GDP spiked by 4.9 percent in the third quarter after jumping by 2.1 percent in the second quarter. Economists had expected GDP to surge by 4.2 percent.
The stronger than expected GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, and residential fixed investment.
