The preliminary reading of U.S. GDP shows that the economy expanded at a 4.9% annualized rate during the third quarter, more than doubling the pace of the second quarter. It is worth noting that this increase was primarily due to solid consumer spending, as was government outlays, but business spending remained flat. Most welcome to investors was the news that the core personal consumption expenditures deflator (the U.S. Federal Reserve's preferred measure of inflation) came in lower than expected at 2.4%.
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