U.S. economy grows at brisk 3.4% pace in third quarter on strong consumer spending and AI investment
Summary
The U.S. economy grew at a 3.4% annual rate in the third quarter, up from 2.2% in the second quarter, according to the Commerce Department. Strong consumer spending and increased business investment, including investment tied to artificial intelligence, supported growth.Key Facts
- Gross domestic product grew at a 3.4% annual rate from July through September.
- Growth accelerated from 2.2% in the April-through-June quarter.
- Consumer spending increased at a 3.8% rate in the third quarter.
- Business investment rose sharply, reflecting the AI boom.
- The Commerce Department reported the figures on Thursday.
- The article says the U.S. economy remained resilient despite higher energy prices linked to fighting with Iran.
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