U.S. economy grows by 4.3% in third quarter, much more than expected, delayed report shows
The U.S. economy grew at a much greater-than-expected pace in the third quarter, boosted by strong consumer spending, a delayed report released Tuesday showed.
TL;DR
- U.S. GDP grew by 4.3% in the third quarter, surpassing the expected 3.2%.
- Consumer spending increased by 3.5% in the third quarter.
- Exports and government spending also contributed to the growth.
- Inflationary pressures persisted, with the PCE price index rising 2.8% and core PCE rising 2.9%.
- Corporate profits increased by $166.1 billion (4.2%) in the quarter.
- The report's release was delayed due to a government shutdown.