From New York Post · · 50s
US Economy Grows at 3.4% Rate
US economy expands at 3.4% pace driven by consumer spending and AI investment.
In brief
US economy expands at 3.4% pace driven by consumer spending and AI investment. The US economy grew at a 3.4% annualized rate in Q3, fueled by strong consumer spending and AI investment despite higher oil prices. Originally reported by New York Post.
US Economy Grows
The US economy grew at its fastest pace in a year in the third quarter, shrugging off higher oil prices from the Middle East conflict.
GDP Growth Rate
Gross domestic product increased at a 3.4% annualized rate last quarter, exceeding economists' forecast of 3.2%.
AI Investment Impact
Businesses doubled down on AI investment, which some economists say may not reflect the true economy due to uncertain long-term returns.
Consumer Spending
Consumer spending increased at a 3.8% pace, supported by low layoffs and moderate hiring despite wage gains lagging inflation.
The headline
The US economy grew at a 3.4% annualized rate in Q3, fueled by strong consumer spending and AI investment despite higher oil prices.
