The U.S. economy likely gained momentum in the third quarter, as consumer spending boosted the Gross Domestic Product if forecasters are correct.
The Bureau of Economic Analysis is scheduled to release an advance estimate of the country’s economic growth in the third quarter on Wednesday. The report is expected to show that the inflation-adjusted GDP grew at an annual rate of 3.2% in the third quarter, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal.
That would be up from 3% in the previous quarter and well above the average growth rate of 2.4% over the past 20 years, suggesting the economy is expanding at a healthy rate.
The economy has stayed on solid footing this year despite high borrowing costs—the result of the Federal Reserve’s campaign of rate hikes to curb inflation. Employers have continued hiring, which has kept enough money in consumers’ pocketbooks to let them keep spending…