The U.S. economy experienced strong growth in the third quarter, with a 2.8% increase, surpassing estimates ranging from 2.0% to 3.5%. This growth follows a 3% expansion in the second quarter and exceeds the Federal Reserve's target of approximately 1.8% for non-inflationary growth.
The advance GDP estimate was released shortly before the upcoming elections on November 5, where voters will choose between Vice President Kamala Harris and former President Donald Trump. This economic performance could potentially impact voter sentiment as the nation heads to the polls.