The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth
U.S. gross domestic product — the economy's output of goods and services — slowed from the April-July rate of 3%, the Commerce Department reported Wednesday.
Within the GDP data, a category that measures the economy’s underlying strength rose at a solid 3.2% annual rate from July through September, up from 2.7% in the April-June quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.
But growth in business investment slowed sharply on a drop in investment in housing and in nonresidential buildings such as offices and warehouses. By contrast, spending on equipment surged. Growth is steady. Unemployment is low at 4.1%. Inflation, which hit a four-decade high 9.1% in June 2022, has fallen to 2.6%. That is still above the Federal Reserve's 2% target, but the central bank felt satisfied enough with the progress against inflation to cut its benchmark interest rate in September andWednesday’s report also contained some encouraging news on inflation.
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