The US economy grew a stellar 4.9% from July through September, driven by robust consumer spending despite the Federal Reserve’s efforts to slow the economy with high-interest rates.
Thursday’s estimate from the Commerce Department showed that the nation’s gross domestic product — the broadest gauge of the economy’s total output of goods and services — was the fastest quarterly advance in nearly two years.
Last quarters robust GDP growth was far above the 2.1% growth rate in the April-to-June quarter.
Despite inflation, the Commerce Department reported that Americans drove the economy by stepping up their spending, splashing out on everything from movies and Taylor Swift concert tickets to restaurant meals.
However, the economy is expected to experience a steady slowdown in the current October-to-December quarter and into early 2024, especially if the Fed implements another interest rate hike and the housing market remains sluggish.
A recent survey by CNBC-Morning Consult showed just that, with more than three-quarters of respondents, 76%, saying they plan to be frugal through the holidays.
Of the 4,403 US adults polled last month, 62% said they plan on budgeting sometimes or more often in the upcoming six months, CNBC found — during retailers all-important holiday shopping season.
On top of sky-high borrowing rates currently plaguing the housing market — the average long-term rate hit 8% for the first time since 2000 last week, per Mortgage Daily News — some 30 million Americans began repaying student loans, which could slow their ability to spend in the fourth quarter.
Those loan repayments had been suspended since the pandemic first struck three years ago.
Brisk consumer spending typically leads companies those that sell physical goods as well as those, like restaurants and entertainment venues, in the economys vast service sector to raise prices, thereby fueling inflation.
Fed officials have acknowledged the pickup in growth, which could potentially undercut their efforts to fight inflation, which rose 3.7% in September.
Last month’s advance was more than economists expected — and a sharp decline from June 2022’s four-decade high of 9.1% — though it’s still well above central bankers’ 2% goal.
A blockbuster September employment report revealed that the US economy added a whopping 336,000 jobs last month an unexpected surge that contradicts the notion the Fed may tamp down its aggressive tightening regime.
However, it still remains unclear whether the latest GDP figure will have much impact on the Fed’s upcoming Nov. 1 decision on interest rates, which officials have suggested may increase one more time ahead of the new year.
Fed Chari Jerome Powell said in a discussion at the Economic Club of New York last week: “We certainly have a very resilient economy on our hands.”
“Many forecasts called for the US economy to be in recession this year. Not only has that not happened; growth is now running for this year above its longer-run trend. So thats been a surprise,” he added.
If those trends continue, it could allow the Fed to achieve a highly sought-after soft landing, in which the central bank would manage to slow inflation to its 2% target without causing a deep recession.
At the same time, Powell has suggested that if the economy keeps growing robustly, the Fed might have to raise rates further. Its benchmark short-term rate — which affects the rates on many consumer and business loans — currently sits between 5.25% and 5.5%, a 22-year high.
Last month, Fed officials unanimously decided to hold the record-high rate steady for the second time in six policy meetings so far this year.
“Additional evidence of persistently above-trend growth could put further progress on inflation at risk and could warrant further tightening of monetary policy,” Powell said last week.
At least 59 Palestinians have reportedly been killed after the Israeli military opened fire near an aid centre in Gaza and carried out strikes across the territory.
The Red Cross, which operates a field hospital in Rafah, said 25 people were “declared dead upon arrival” and “six more died after admittance” following gunfire near an aid distribution centre in the southern Gazan city.
The humanitarian organisation added that it also received 132 patients “suffering from weapon-related injuries” after the incident.
The Red Cross said: “The overwhelming majority of these patients sustained gunshot wounds, and all responsive individuals reported they were attempting to access food distribution sites.”
The organisation said the number of deaths marks the hospital’s “largest influx of fatalities” since it began operations in May last year.
The IDF has said it fired “warning shots” near the aid distribution site but it was “not aware of injured individuals” as a result.
It said in a statement: “Earlier today, several suspects were identified approaching IDF troops operating in the Rafah area, posing a threat to the troops, hundreds of metres from the aid distribution site.
“IDF troops operated in order to prevent the suspects from approaching them and fired warning shots.”
Image: Palestinians mourn a loved one following the incident near the aid centre. Pic: Reuters
Mother’s despair over shooting
Somia Alshaar told Sky News her 17-year-old son Nasir was shot dead while visiting the aid centre after she told him not to go.
She said: “He went to get us tahini so we could eat.
“He went to get flour. He told me ‘mama, we don’t have tahini. Today I’ll bring you flour. Even if it kills me, I will get you flour’.
“He left the house and didn’t return. They told me at the hospital: your son…’Oh God, oh Lord’.”
Asked where her son was shot, she replied: “In the chest. Yes, in the chest.”
Image: Somia Alshaar, pictured with her daughter, says her son was shot dead. Pic: Reuters
‘A policy of mass murder’
Hassan Omran, a paramedic with Gaza’s ministry of health, told Sky News after the incident that humanitarian aid centres in Gaza are now “centres of mass death”.
Speaking in Khan Younis, he said: “Today, there were more than 150 injuries and more than 20 martyrs at the aid distribution centres… the Israeli occupation deliberately kills and commits genocide. The Israeli occupation is carrying out a policy of mass murder.
“They call people to come get their daily food, and then, when citizens arrive at these centres, they are killed in cold blood.
“All the victims have gunshot wounds to the head and chest, meaning the enemy is committing these crimes deliberately.”
Israel has rejected genocide accusations and denies targeting civilians.
Image: Two boys mourn their brother at Nasser Hospital in Khan Younis. Pic: Reuters
‘Lies being peddled’
The Gaza Humanitarian Foundation (GHF), the controversial US and Israeli-backed group which operates the distribution centre near Rafah, said: “Hamas is claiming there was violence at our aid distribution sites today. False.
“Once again, there were no incidents at or in the immediate vicinity of our sites.
“But that’s not stopping some from spreading the lies being peddled by ‘officials’ at the Hamas-controlled Nasser Hospital.”
The Red Cross said its field hospital in Rafah has recorded more than 250 fatalities and treated more than 3,400 “weapon-wounded patients” since new food distribution sites were set up in Gaza on 27 May.
Image: Palestinians inspect the wreckage after an Israeli airstrike in Deir al Balah. Pic: AP
It comes after four children and two women were among at least 13 people who died in Deir al Balah, in central Gaza, after Israeli strikes pounded the area starting late on Friday, officials in Al Aqsa Martyrs hospital in the territory said.
Fifteen others died in Israeli airstrikes in Khan Younis, in southern Gaza, according to Nasser Hospital.
The Israel Defense Forces (IDF) has not responded to a request for comment on the reported deaths.
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Israeli has been carrying out attacks in Gaza since Hamas-led militants killed some 1,200 people and took 251 hostages on 7 October 2023.
Hamas still holds 50 hostages, with fewer than half of them believed to be alive, after most of the rest were released in ceasefire agreements or other deals.
Israel’s offensive in Gaza has killed more than 57,000 Palestinians, more than half of them women and children, according to Gaza’s health ministry, which does not distinguish between civilians and combatants in its count.
US President Donald Trump has said he is closing in on another ceasefire agreement that would see more hostages released and potentially wind down the war.
But after two days of talks this week with Israeli Prime Minister Benjamin Netanyahu, there were no signs of a breakthrough.
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The latest fatalities in Gaza comes as a 20-year-old Palestinian-American man was beaten to death by settlers in the Israeli-occupied West Bank on Friday, the Palestinian Health ministry said.
Sayafollah Musallet, also known as Saif, was killed during a confrontation between Palestinians and settlers in Sinjil, north of Ramallah, the ministry said.
A second man, Hussein Al-Shalabi, 23, died after being shot in the chest.
Mr Musallet’s family, from Tampa Florida, has called on the US State Department to lead an “immediate investigation”.
A State Department spokesperson said it was aware of the incident but it had no further comment “out of respect for the privacy of the family and loved ones” of the reported victim.
The Israeli military said the confrontation broke out after Palestinians threw rocks at Israelis, lightly injuring them.
Forget fumbling with cables or hunting for batteries – TILER is making electric bike charging as seamless as parking your ride. The Dutch startup recently introduced its much-anticipated TILER Compact system, a plug-and-play wireless charger engineered to transform the user experience for e-bike riders.
At the heart of the new system is a clever combo: a charging kickstand that mounts directly to almost any e‑bike, and a thin charging mat that you simply park over. Once you drop the kickstand and it lands on the mat, the bike begins charging automatically via inductive transfer – no cable required. According to TILER, a 500 Wh battery will fully charge in about 3.5 hours, delivering comparable performance to traditional wired chargers.
It’s an elegantly simple concept (albeit a bit chunky) with a convenient upside: less clutter, fewer broken cables, and no more need to bend over while feeling around for a dark little hole.
TILER claims its system works with about 75% of existing e‑bike platforms, including those from Bosch, Yamaha, Bafang, and other big bames. The kit uses a modest 150 W wireless power output, which means charging speeds remain practical while keeping the system lightweight (the tile weighs just 2 kg, and it’s also stationary).
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TILER has already deployed over 200 charging points across Western Europe, primarily serving bike-share, delivery, hospitality, and hotel fleets. A recent case study in Munich showed how a cargo-bike operator saved approximately €1,250 per month in labor costs, avoided thousands in spare batteries, and cut battery damage by 20%. The takeaway? Less maintenance, more uptime.
Now shifting to prosumer markets, TILER says the Compact system will hit pre-orders soon, with a €250 price tag (roughly US $290) for the kickstand plus tile bundle. To get in line, a €29 refundable deposit is currently required, though they say it is refundable at any point until you receive your charger. Don’t get too excited just yet though, there’s a bit of a wait. Deliveries are expected in summer 2026, and for now are covering mostly European markets.
The concept isn’t entirely new. We’ve seen the idea pop up before, including in a patent from BMW for charging electric motorcycles. And the efficacy is there. Skeptics may wonder if wireless charging is slower or less efficient, but TILER says no. Its system retains over 85% efficiency, nearly matching wired charging speeds, and even pauses at 80% to protect battery health, then resumes as needed. The tile is even IP67-rated, safe for outdoor use, and about as bulky as a thick magazine.
Electrek’s Take
I love the concept. It makes perfect sense for shared e-bikes, especially since they’re often returning to a dock anyway. As long as people can be trained to park with the kickstand on the tile, it seems like a no-brainer.
And to be honest, I even like the idea for consumers. I know it sounds like a first-world problem, but bending over to plug something in at floor height is pretty annoying, not to mention a great way to throw out your back if you’re not exactly a spring chicken anymore. Having your e-bike start charging simply by parking it in the right place is a really cool feature! I don’t know if it’s $300 cool, but it’s pretty cool!
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It is “shameful” that black boys growing up in London are “far more likely” to die than white boys, Metropolitan Police chief Sir Mark Rowley has told Sky News.
Sir Mark, who came out of retirement to become head of the UK’s largest police force in 2022, said: “We can’t pretend otherwise that we’ve got a history between policing and black communities where policing has got a lot wrong.
“And we get a lot more right today, but we do still make mistakes. That’s not in doubt. I’m being as relentless in that as it can be.”
He said the “vast majority” of the force are “good people”.
However, he added: “But that legacy, combined with the tragedy that some of this crime falls most heavily in black communities, that creates a real problem because the legacy creates concern.”
Sir Mark, who also leads the UK’s counter-terrorism policing, said it is “not right” that black boys growing up in London “are far more likely to be dead by the time they’re 18” than white boys.
“That’s, I think, shameful for the city,” he admitted.
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Police chase suspected phone thief
Baroness Casey was commissioned in 2021 to look into the Met Police after serving police officer Wayne Couzens abducted, raped and murdered Sarah Everard.
She pinned the primary blame for the Met’s culture on its past leadership and found that stop and search and the use of force against black people was excessive.
At the time, Sir Mark, who had been commissioner for six months when the report was published, said he would not use the labels of institutionally racist, institutionally misogynistic and institutionally homophobic, which Casey insisted the Met deserved.
However, London Mayor Sadiq Khan, who helped hire Sir Mark – and could fire him – made it clear the commissioner agreed with Baroness Casey’s verdict.
After the report was released, Sir Mark said “institutional” was political language so he was not going to use it, but he accepted “we have racists, misogynists…systematic failings, management failings, cultural failings”.
A few months after the report, Sir Mark launched a two-year £366m plan to overhaul the Met, including increased emphasis on neighbourhood policing to rebuild public trust and plans to recruit 500 more community support officers and an extra 565 people to work with teams investigating domestic violence, sexual offences and child sexual abuse and exploitation.
Watch the full interview on Sunday Morning with Trevor Phillips from 8.30am on Sunday.