Summary
The U.S. economy grew by 4.4% in the third quarter of the year, driven by strong consumer spending and exports. This growth rate is the highest in the past two years and higher than previous estimates. Despite the growth, challenges like high living costs and sluggish job market improvements remain.
Key Facts
- The U.S. economy grew at a 4.4% annual rate from July to September.
- Consumer spending rose by 3.5%, making up 70% of the GDP.
- Spending on services increased by 3.6%, while spending on goods went up by 3%.
- Exports surged and imports decreased, contributing to economic growth.
- Business investment grew by 3.2%, partly due to investments in artificial intelligence.
- The unemployment rate is 4.4%, with minimal job creation since March.
- Many Americans are unhappy with the economy due to high costs and income inequality.
