Robust business investment and resilient consumer spending drove stronger-than-expected economic growth in the third quarter.
\n\nGross domestic product, the value of all goods and services produced across the economy, rose at a seasonally and inflation-adjusted 3.4 percent annual rate from July through September, the Commerce Department said Thursday.
\n\nGovernment spending also increased, contributing to the acceleration from the second quarter’s 2.2 percent growth rate. Much of the increase, however, reflected an accounting effect from reduced sales of oil from the Strategic Petroleum Reserve, which had no direct impact on overall GDP. Imports, which are a subtraction from GDP, rose in the third quarter.
\n\nEconomists had expected GDP to rise at a 3.1 percent rate.
\n\nReal final sales to domestic private purchasers, a measure of underlying demand in the U.S. economy, expanded at a 4.9 percent pace. That is an acceleration from the second quarter’s 4.6 percent growth rate and the fastest pace since the second quarter of 2021.
\n\nSpending by U.S. consumers grew at a 3.8 percent rate, matching the prior quarter’s spending growth and beating expectations for 3.5 percent.
\n\nPrivate nonresidential fixed investment, a key measure of business activity, grew at a 12.7 percent rate, the swiftest pace since…
Original source: https://www.breitbart.com/economy/
