Consumers and businesses are continuing to spend despite the headwinds of higher interest rates, fueling economic growth.
The U.S. economy accelerated to a robust 4.9% rate last quarter as consumers continued to open their wallets despite the Federal Reserve's regime of interest rate hikes, which has made it costlier to purchase homes, cars and other items.The Commerce Department said the economy expanded last quarter at the fastest pace in more than two years â and more than twice the 2.1% annual rate of the previous quarter.
The net worth of a typical household jumped 37% from 2019 through 2022. Home prices shot higher, and the stock market rose in the biggest surge on records dating back more than 30 years.At the same time, families benefited from the unusually low interest rates that lasted from the pandemic recession of 2020 until late last year. The typical household â the one midway between the richest and poorest â paid 13.
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