U.S. economy grew at 2.8% in Q3, fueled by robust consumer spending and export increases.

The U.S. economy grew at a 2.8% annual rate in the third quarter, driven by strong consumer spending and a surge in exports. Consumer spending grew at a 3.5% annual pace, its fastest since late 2021, while exports increased at a 7.5% rate, the highest in two years. Business investment slowed, particularly in housing and non-residential buildings, though equipment spending surged. Unemployment remains low at 4.1%, and inflation has fallen to 2.6% from its peak of 9.1% in June 2022.

November 27, 2024
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