U.S. economy exceeds expectations with 3.1% growth, fueled by strong consumer spending and exports.

The U.S. economy grew at a 3.1% annual rate in the third quarter, surpassing initial estimates, driven by robust consumer spending and increased exports. Consumer spending rose 3.7%, the fastest rate since early 2023, while exports climbed 9.6%. Business investment grew modestly by 0.8%, with equipment investment up 10.8%. Federal government spending and defense spending also increased significantly. Despite these gains, unemployment claims remained low, and the Federal Reserve cut interest rates for the third time this year.

3 months ago
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