The US economy grows strongly in the third quarter driven by consumer spending and AI investment
The U.S. economy grew 3.4% in the third quarter, with consumer spending rising 3.8% and inflation at 3.6% year-over-year. The Federal Reserve kept interest rates stable at 3.75–4.00%.
- US gross domestic product increased by 3.4 percent year-over-year in the third quarter.
- The U.S. economy expanded at a 3.4% annualized pace between July and September.
- Consumer spending increased at a 3.8% pace in the July-September quarter.
- The inflation index rose to 3.6 percent year-over-year in September.
- The Federal Reserve decided to keep interest rates stable.
- Economists polled by Reuters had forecast GDP advancing at a 3.2% pace.
- Fed Chairman Kevin Warsh stated that domestic spending has been resilient despite geopolitical uncertainty.
- US consumers paid an average of 42 percent more at the pump for regular gasoline.
- The BEA stated that investment, consumer spending, and public spending increased the real GDP.
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