US economy grows at a 3.4% annual pace in the third quarter, fastest in a year
Summary
The U.S. economy grew at a healthy 3.4% annual pace from July through September, accelerating from the second quarter on strong consumer spending and investment in artificial intelligence, The Philadelphia Inquirer and PBS NewsHour reported on Thursday 29 October, Bloomberg calling it a faster-than-expected pace, the fastest in a year. Spending by A.I. companies and consumers powered the growth, federal data showed, according to The NY Times, and Bloomberg reported that Kevin Gordon, Schwab head of Macro Research & Investing, called the public's negative perception of the economy an 'interesting divergence' from the picture the economic data is painting.
Latest: The U.S. economy grew at a 3.4% annual pace from July through September on strong consumer spending and investment in artificial intelligence, The Philadelphia Inquirer, PBS NewsHour and The NY Times reported, Bloomberg calling it a faster-than-expected pace, the fastest in a year.
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How it unfolded
Thursday 29 October
The U.S. economy grew at a 3.4% annual pace from July through September on strong consumer spending and investment in artificial intelligence, The Philadelphia Inquirer, PBS NewsHour and The NY Times reported, Bloomberg calling it a faster-than-expected pace, the fastest in a year.
- 16:10Bloomberg US Economy Grows Most in a Year on Strong Spending, Investment
- 11:48PBS NewsHour U.S. economy grows at brisk 3.4% pace in third quarter on strong consumer spending and AI investment
- 09:32Bloomberg Business Investment, Government Spending Bolster US GDP
- 08:41The NY Times U.S. G.D.P. Increased in Third Quarter
- 08:40The Philadelphia Inquirer US economy grows at brisk 3.4% pace in third quarter on strong consumer spending and AI investment
- 08:32Bloomberg US Economy Grows a Faster-Than-Expected 3.4%, Most in a Year