US Economy Expands at 2.8% Rate, Powered by Resilient Consumer
- Consumer spending advanced 3.7%, the most since early 2023
- Third-quarter GDP growth restrained by wider trade deficit
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The US economy expanded at a robust pace in the third quarter as household purchases accelerated ahead of the election and the federal government ramped up defense spending.
Inflation-adjusted gross domestic product increased at a 2.8% annualized pace after rising 3% in the previous quarter, according to the government’s initial estimate published Wednesday.