U.S. GDP grew at a 3.4% annualized rate in the third quarter

Economy · First reported 29 Oct, 12:41 · Updated 15:53

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Government data put U.S. third-quarter GDP growth at an annualized 3.4%, above economists’ 3.1% forecast and up from 2.2% in the previous quarter. Reports highlighted consumer spending and investment, while also noting inflation, weaker residential investment and other factors affecting the figures.

GDP grew at an annualized 3.4% from July through September, compared with 2.2% in the second quarter; the 3.4% figure exceeded the 3.1% forecast cited in both detailed reports.
The reports point to consumer spending and investment as contributors to growth. The right-side report gives consumer spending growth as 3.8% and private nonresidential fixed investment growth as 12.7%.
The left-side report notes that the GDP estimate is preliminary and will be revised as more data become available; it also describes inflation and interest rates as challenges for policymakers.
The right-side report says residential investment fell at a 3.3% annualized rate and that imports rose; it also notes that reduced sales of oil from the Strategic Petroleum Reserve affected the GDP calculation.