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The U.S. economy grew by 3.4% in the third quarter

მარიამ ქადარიაOctober 30, 20261 min read
The U.S. economy grew by 3.4% in the third quarter

The U.S. economy grew at an annual rate of 3.4% in the third quarter, surpassing economists' forecast of 3.2%. This is the highest reading in the past year.

Growth was driven mainly by consumer spending and increased corporate investment in data centers, chips, and other technologies needed for artificial intelligence.

Consumer spending rose 3.8% from July through September. Relatively stable employment conditions have supported household spending, though many families have had to dip into savings to cover everyday expenses.

Despite the economic growth, high prices remain a problem for consumers. The average price of gasoline is above $4 per gallon, and wage growth has not always kept pace with rising prices.

The Federal Reserve kept its rate in the 3.75-4% range. The possibility of another rate hike in December is still being discussed.

Source: Yahoo Finance

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