US Economy Grows Faster Than Expected in Third Quarter
The US economy expanded at an annualized rate of 3.4 percent in the third quarter as resilient consumer spending and artificial intelligence investments offset higher oil prices. Gross domestic product exceeded forecasts despite lingering inflation and elevated interest rates.
Insights:
The United States economy expanded at a 3.4% annualized rate in the third quarter, driven by resilient consumer spending and AI-related business investment. The Commerce Department reported the advance GDP estimate on Thursday afternoon. The growth pace exceeded the 3.2% consensus forecast compiled by Reuters.
