Reported 2 days ago
The U.S. economy grew at an annual rate of 3.1% in the third quarter of 2024, an upgrade from prior estimates, driven by strong consumer spending and an increase in exports, according to the Commerce Department. This growth surpassed the previous quarter's 3% rate and marks a continuation of robust performance despite high interest rates. Key figures included a 3.7% rise in consumer spending and a substantial 9.6% increase in exports, although business investment remained modest at 0.8%. While President Biden's administration faced criticism despite the growth, the upcoming presidential transition may bring significant policy shifts that could influence future economic conditions.
Source: YAHOO