U.S. economy grew faster in the third quarter

The U.S. economy grew at a faster pace than expected in the third quarter.

The Commerce Department says the U.S. gross domestic product grew at an annual pace of 3.2% between July and September. That’s higher than the 2.9% estimate from a month ago.

It’s a sign the Federal Reserve’s interest rate hikes meant to cool the economy and fight inflation are having only limited impact.

Recent surveys suggest spending is not slowing down by either businesses or consumers.

Economists worried the rate hikes would trigger a recession.

Categories: National News