The U.S. economy continues to showcase resilience. In the third quarter of 2024, GDP growth was revised up to an impressive 3.1%, fueled by robust consumer spending and an uptick in exports. Notable highlights include:
• Consumer Spending: Expanded at a 3.7% annual pace, marking the fastest growth since early 2023.
• Exports: Rose by 9.6%, contributing to the strong economic performance.
• Business Investment: While overall business investment was modest at 0.8%, investment in equipment surged by 10.8%.
• Federal Spending: Jumped by 8.9%, with defense spending seeing a significant increase of 13.9%.
Inflation also remains a key focus. The Federal Reserve’s preferred inflation measure slowed to 1.5% annually last quarter, highlighting progress in managing price stability. With the unemployment rate holding steady at a low 4.2%, the economy looks poised to finish the year strong.
