US Economy Maintains 2.8% Growth in Q3 Driven by Consumer Spending
TL;DR Summary
The US economy grew at a 2.8% annual rate in the third quarter, driven by strong consumer spending and increased exports, despite a slowdown from the previous quarter's 3% growth. Consumer spending, which makes up 70% of economic activity, rose at a 3.5% pace, while exports grew at a 7.5% rate. Inflation has decreased, with the PCE index rising at a 1.5% pace. President-elect Trump, supported by Republican majorities, plans economic changes, including new import taxes, which economists warn could be inflationary.
- US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate ABC News
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- US GDP Grows at Solid 2.8% Pace, Helped by Consumer Spending Bloomberg
- Here’s a breakdown of how the US economy grew last quarter Greater Baton Rouge Business Report
- What Sticky Inflation, Q3 GDP and Mortgage Data Are Telling Us TheStreet
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