Still brisk: Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported this morning in an upgrade from its previous estimate. The government had previously estimated that the economy grew at a 4.9% annual rate last quarter. Read more.
Slowing down: The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. The Paris-based Organization for Economic Cooperation and Development estimated this morning that international growth would slow to 2.7% in 2024 from an expected 2.9% pace this year. That would amount to the slowest calendar-year growth since the pandemic year of 2020. Read more.
At the pump: Across the U.S., prices at the pump have felt milder in recent months. Gasoline prices have fallen or remained steady since Sept. 19—marking about a 70-day trajectory of decline. That’s according to Andrew Gross, a spokesperson for motor club AAA. As of Tuesday, the national average for gas prices stood just below $3.25. Read more.
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