Summary
The U.S. economy grew faster than experts expected in the third quarter of the year. The Bureau of Economic Analysis reported that the economy's real gross domestic product (GDP) increased by 4.3% from July to September. This growth was driven by higher consumer spending, government spending, and exports.
Key Facts
- The U.S. GDP grew at an annual rate of 4.3% in the third quarter.
- Experts had forecasted a 3.3% GDP growth for the same period.
- The second quarter saw a GDP growth of 3.8%, while the first quarter had a decline of 0.6%.
- Growth was mainly due to increased consumer spending, government spending, and exports.
- Investment decreased, which partially offset the growth.
- There was a decrease in imports, but it was slower than in the second quarter.
- Recent data releases were delayed due to shutdowns, affecting economic insights.
- The unemployment rate rose to its highest since September 2021, and inflation cooled to 2.7%, above the Federal Reserve's target of 2%.
