US economy grows at 3.1% pace in Q3, upgrade from previous estimate

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US economy grows at 3.1% pace in Q3, upgrade from previous estimate - Business Standard

Quick Summary:

Consumer spending, which accounts for about two-thirds of US economic activity, expanded at a 3.7 per cent pace, fastest since the first quarter of 2023 and an uptick from Commerce's previous third-quarter estimate of 3.5 per cent.Exports climbed 9.6 per cent.

The American economy grew at a healthy 3.1 per cent annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate.

Third-quarter growth in US gross domestic product the economy's output of goods and services accelerated from the April-July rate of 3 per cent and continued to look sturdy despite high interest rates, the Commerce Department said Thursday.