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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
The US economy grew at a solid 2.8% annualized rate in the third quarter, driven by a 3.5% increase in consumer spending, the highest this year. However, trade figures negatively impacted growth, with net exports subtracting 0.57 percentage points. Despite ongoing inflation and high borrowing costs, business investment in research and development saw an upward revision, reflecting the resilience of the economic expansion.
The US economy grew at a robust annualized rate of 2.8% in the third quarter, driven by a significant increase in consumer spending, which rose by 3.5%, marking the highest growth this year. Steady business investment also contributed to this broad-based economic expansion.
US federal defense spending surged at a 14.9% annualized rate in the third quarter, marking the fastest increase in over two decades and the highest since the Second Gulf War in 2003. This boost contributed to a 2.8% rise in gross domestic product ahead of the November election.
Bureau of Economic Analysis
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