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U.S. Economy Realizes Fastest Growth In Almost Two Years

The U.S. economy grew at its fastest clip in nearly 24 months, fueled by higher pay and increased consumer spending during the third quarter. So reports The Guardian.

arrows 311332 640 smallThe quarter saw gross domestic product rise at a 4.9% annualized rate, the fastest since the final quarter of 2021, according to the U.S. Commerce Department’s Bureau of Economic Analysis. GDP was expected to rise at a 4.3% rate, according to economists polled by Reuters.

The July through September period recorded wage growth of 1.2%, which was up from the 1% growth rate in the second quarter, CNN reports. But when measuring growth from 2019 to 2022, the top 10%, whose average net worth is about $6.6 million, saw their compensation grow by 22% over that period, while middle-income earners realized a 5% increase over the same span.

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