Q3 GDP Rose 2.8%

New York, NY, October 30, 2024- “The U.S. economy continued its recent streak of strong growth in the third quarter, as consumers picked up their spending, and exports and government spending rose,” reports the Wall Street Journal.

“Gross domestic product rose at a 2.8% annual rate in the third quarter, adjusted for seasonality and inflation, the Commerce Department said Wednesday. GDP is a broad measure of goods and services produced across the economy. The report continues a roughly two-year streak of steady growth in the U.S. economy.

“Still, the quarter was lower than the 3.1% growth rate that economists surveyed by The Wall Street Journal had expected. It also marked a slight pullback from a 3% rate in the second quarter.

“Consumer spending rose at a 3.7% pace in the third quarter, accelerating from 2.8% in the second quarter. Shoppers spent strongly on goods like vehicles and prescription drugs. Strong exports and government spending on defense were also tailwinds for growth.

“Nonresidential fixed investment-which reflects business spending on software, research and development, equipment and structures-rose at a 3.3% rate, slowing slightly from the second quarter as spending on structures fell.

“Wednesday’s report points to an economy that’s still humming, with strong consumer spending supported by a robust labor market, and business investment that remains relatively solid.”