"AP Photo/Manuel Balce Ceneta President Donald Trump took a victory lap over and credited his tariff-heavy trade policy for the promising economic news announced on Tuesday. According to the Department of Commerce, the economy grew at an annualized rate of 4.3% between July and September, a two-year quarterly high. It also easily outstripped the 3.2% growth rate forecasted by economists polled by The Wall Street Journal, which provided additional context on the data: The data show the economy growing"
"A measure that tracks demand from businesses and consumersbut not more volatile government, inventory and international trade dataticked up slightly in the third quarter. That suggests underlying demand from businesses and consumers remained solid. The pace of business investment cooled to 2.8% from 7.3% in the prior quarter. Consumer spending grew at an annual rate of 3.5% in the third quarter, picking up from 2.5% in the previous quarter. Investment in both equipment and intellectual property, which includes artificial intelligence-related spending, rose at a 5.4%"
U.S. GDP expanded at an annualized 4.3% rate in Q3, a two-year quarterly high that exceeded forecasts of 3.2%. Underlying demand from businesses and consumers ticked up, while business investment slowed to 2.8% from 7.3%. Consumer spending accelerated to a 3.5% annual rate. Investment in equipment and intellectual property, including AI-related spending, rose at about a 5.4% pace but cooled from the prior quarter. Trade contributed 1.59 percentage points to headline GDP as exports increased and imports declined. Prices excluding food and energy rose 2.9%, above the Federal Reserve's 2% target.
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