US Third-Quarter Economic Growth Beats Forecasts, Fastest Pace in a Year

Deep News10-29 20:50

The US economy expanded at its quickest rate in a year during the third quarter, as robust business investment and resilient American consumers delivered a strong boost to growth.

Preliminary estimates released Thursday by the Bureau of Economic Analysis showed that gross domestic product (GDP), adjusted for inflation, rose at an annualized rate of 3.4% in the three months through September, up from 2.2% in the second quarter and above the median forecast of 3.2% in a Bloomberg survey of economists.

Separately, data from the same agency showed that inflationary pressures picked up toward the end of the third quarter. The personal consumption expenditures (PCE) price index, the inflation gauge favored by the Federal Reserve, climbed 0.5% month over month in September, the largest increase in six months. The core PCE price index, which strips out food and energy, rose 0.3%.

Actual vs. Estimated Figures

GDP (quarter over quarter, seasonally adjusted): +3.4% vs. +3.2%.

Personal consumption (quarter over quarter, seasonally adjusted): +3.8% vs. +3.4%.

PCE price index (September, month over month): +0.5% vs. +0.5%.

Core PCE price index excluding food and energy (September, month over month): +0.3% vs. +0.3%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment