U.S. economy grew at 3.4% annual rate in third quarter
The U.S. economy grew at a 3.4% annual rate from July through September, driven by consumer spending and AI-related business investment, preliminary federal data show.
U.S. gross domestic product grew at an annual rate of 3.4 percent in the third quarter, according to preliminary data from the Bureau of Economic Analysis released Thursday. The quarter covered July through September.
PBS NewsHour reports that consumer spending rose at a good clip and that business investment was up sharply, reflecting the AI boom. The Hill says consumers kept spending despite persistent inflation. The New York Times says spending by A.I. companies and consumers powered the growth.
The figures are preliminary. The Hill says the BEA will release more data, but the excerpt provided cuts off before saying what or when.
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- The New York TimesU.S. G.D.P. Increased in Third QuarterThu, Oct 29, 8:35 AM EDT
- The HillUS GDP grew by 3.4 percent in third quarter amid AI investment boomThu, Oct 29, 10:46 AM EDT
- PBS NewsHourU.S. economy grows at brisk 3.4% pace in third quarter on strong consumer spending and AI investmentThu, Oct 29, 11:48 AM EDT
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Earlier versions (1)
- Thu, Oct 29, 11:00 AM EDT, 2 outlets: U.S. economy grew at 3.4 percent annual rate in third quarter