(Bloomberg) — The U.S. economy expanded at a solid pace in the third quarter as households and businesses remained strong despite global headwinds and uncertainty ahead of the November election.
Initial government estimates released on Wednesday showed inflation-adjusted gross domestic product (GDP) grew at an annual rate of 2.8%, following growth of 3% in the previous quarter. The median forecast in a Bloomberg survey of economists was 2.9%.
Personal consumption, which accounts for the majority of economic activity, increased by 3.7%, the largest increase since the beginning of 2023.
At the same time, the closely watched core inflation rate rose 2.2%, roughly in line with the Federal Reserve’s target, according to Bureau of Economic Analysis statistics.
Original article: U.S. economy expands at 2.8%, driven by resilient consumers
–Collaboration with Cecil Dora.
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