The U.S. economy shows signs of growing much further than initially anticipated in the third quarter, expediting its economic expansion.
The Department of Commerce said on Thursday that in the three months ending September, the annual GDP increased at a rate of 3.1%, exceeding the initial reading of 2.8%. Wall Street Journal’s economist poll also expects a smaller 2.9% growth.
The revised figures highlight the U.S. economic growth has accelerated during 3Q compared to its previous quarter which has grown 3%.
The number suggests the economy could sustain its growth momentum into the final quarter of 2024. The Atlanta Fed suggests a 3.2% annual growth in the fourth quarter.
Increased exports and strong consumer spending played a major role in the growth, which was accompanied by a downward revision to investment in the private sector.
