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Labor & Economic GrowthData as of: January 12, 2024•Third quarter GDP grew by 4.9% in the U.S., which was thelargest increase since 2014 excluding the pandemic, and was nowthe fifth consecutive quarter of strong growth despite economistsrelentlessly calling for a recession•Personal Consumption increased 3.1% over the previous quarter, asforecasted, and was the largest contributor to GDP as it accounted for43% of the total. Gross private domestic investment also contributed1.74% points to GDP.•A change in nonfarm inventories was another large contributor toGDP in the third quarter as it contributed 1.24 percentage points andgovernment consumption (mostly state & local and national defense)contributed 0.99 points.•Private investment into residential real estate during the third quarterwas positive for the first time since 1Q2021 after nine quarters ofnegative contribution to GDP. The only notable detractor within GDPwere imports of goods which detracted -0.64% points from GDP.Source: Bureau of Labor StatisticsPage 4 of 12