US economy grows 3.4% in third quarter, beating forecasts

Summarised from 3 outlets · Updated 29 Oct, 13:10 · Archive

The US economy expanded at an annual rate of 3.4 per cent in the third quarter, exceeding economist forecasts.

The US economy expanded at an annual rate of 3.4 per cent from July through September, exceeding economist expectations of 3 per cent growth. The Commerce Department reported the figure on Thursday, marking an acceleration from the second quarter's 2.2 per cent expansion.

Consumer spending rose at 3.8 per cent in the third quarter, while business investment increased sharply, reflecting the artificial intelligence boom. The Independent World reports that the American economy has proven resilient in the face of higher energy prices caused by fighting with Iran.

Thursday's report was the first of three Commerce Department estimates of third-quarter GDP growth.

How it is being reported

• US economy grows faster than expected in report out just ahead of electionsGrowth is in sharp contrast to households’ assessment, reflected in Trump’s record-low approval ratings The US economy grew faster than expected in the third quarter as resilient consumer spending and AI -driven business investment more than offset the impact of higher oil prices stemming from the conflict in the Middle East . Gross domestic product (GDP) increased at a 3.4% annualized rate last quarter, the commerce department’s bureau of economic analysis said in its advance estimate of the third quarter GDP on Thursday. Economists polled by Reuters had forecast GDP advancing at a 3.2%…Guardian World · 29 Oct, 13:09
• US economy grew at brisk 3.4% pace in third quarter on strong consumer spending and AI investmentThe American economy – by far, the world’s biggest – has proven resilient in the face of higher energy prices caused by the fighting with IranIndependent World · 29 Oct, 12:57
• US economy beats forecasts to grow at 3.4% rate in third quarterAI spending boom continues to fuel growth in world’s largest economyFinancial Times · 29 Oct, 12:48

In this story: United States · Commerce Department · Iran

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log