U.S. economy grew 2.8% last quarter, powered by consumer spending
CBSN
The U.S. economy grew at a 2.8% annual pace last quarter as consumers continued to open their wallets despite elevated interest rates.
Forecasters expected the country's gross domestic product — the total value of goods and services produced in the U.S. — to come in at 2.6% in the three-month period ended in September, according to a survey of economists by the data firm FactSet.
The American economy, the world's biggest, has shown surprising resilience in the face of sharply higher borrowing rates as the Federal Reserve tightened monetary policy in a bid to tame inflation. Despite widespread predictions that the economy would succumb to a recession, however, it has kept growing, with hiring and consumer spending holding steady.
Washington — Special counsel Jack Smith is expected to have departed the Justice Department by the time President-elect Donald Trump takes office in late January, two sources familiar with his plans told CBS News, as he and his team make plans to wind down the two federal prosecutions against the incoming president.