This article was automatically translated from HIBAPRESS, the Arabic version:
Hibapress
The U.S. economy grew at a faster pace than expected in the third quarter, driven in part by stronger household consumption and exports.
The gross domestic product of the world’s largest economy grew at an annualized rate of 3.1% in the July-September period, according to data released Thursday by the Commerce Department. This figure is up from a previous projection of 2.8%.
Growth in consumer spending reached 3.7%, the fastest since the start of 2023, while exports grew faster than expected, thanks to services.
According to Bloomberg, these latest figures reinforce the idea that the American economy continues to grow despite economists’ expectations of a possible slowdown.
These data come the day after the Federal Reserve (Fed) decided to reduce its interest rates for the third time this year. The new cut triggered a slide in stock markets by signaling a slower pace of interest rate declines in 2025, based in part on stronger-than-expected recent economic data.
The report also showed that one of the Fed’s favorite inflation indicators – the price index of personal consumption expenditures, excluding food and energy – was revised slightly upward to 2.2%. Other components of GDP, notably business and household investment and public spending, have also been revised upwards.
U.S. jobless claims declined last week after peaking in early December, continuing a streak of volatility that often occurs during the holiday season, according to separate data released Thursday.
