US GDP grows at 2.8% in Q3, supported by spending
Published On : 2024-11-28T10:11:20+0530 [ IST ] |
Author : Mayur_Tembhare
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The US economy expanded at a solid pace in the third quarter largely driven by a broad-based advance in consumer spending as inflation continued to cool.
The economy's primary growth engine - consumer spending - advanced 3.5%, the most this year.
The GDP report shows the durability of an economic expansion that has been tested by lingering price pressures, high borrowing costs and political uncertainty. While progress on inflation has levelled out more recently the Federal Reserve has started reducing interest rates.
With Donald Trump sealing his return to the White House American businesses and consumers now await the rollout of his economic agenda next year. Govt's other main gauge of economic activity -gross domestic income - rose 2.2% after a revised 2% annualised pace in the second quarter.
GDI data include figures on corporate profits. After-tax profits were little changed. Profits as a share of gross value added for non-financial corporations edged up to 15.6% last quarter from 15.5% in the quarter before.
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Summary :
The US economy expanded at a solid pace in the third quarter largely driven by a broad-based advance in consumer spending as inflation continued to cool.
The economy's primary growth engine -
