US economy grows 4.3% - Strong consumer spending fueled expansion in Q3
The U.S. economy grew at a much faster-than-expected pace in the third quarter, driven by strong consumer spending, a recent report showed. U.S. gross domestic product expanded 4.3% in the July-September period, the Commerce Department said.
Consumer spending expanded 3.5% in the third quarter. Increases in exports and government spending also boosted growth, while a smaller decline in private fixed investment also helped. The report was originally scheduled for release on Oct. 30 but was delayed by the government shutdown.
A measure of growth called real final sales to domestic private buyers rose 3% in the quarter, 0.1 percentage point more than the previous period. The economy moved ahead during the period despite persistent signs of inflationary pressures.
The personal consumption expenditures price index, the Federal Reserve’s primary inflation gauge, rose 2.8% during the period and 2.9% for the core index that excludes food and energy. Both were above the respective previous releases of 2.1% and 2.6% and remain well above the Federal Reserve’s inflation gauge of 2%.
Although the report presented a largely positive picture of the economy, markets reacted little as the data refers to an earlier period. Meanwhile, corporate profits rose by $166.1 billion, or 4.2%, compared with a profit of $6.8 billion in the second quarter.
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