US economy grew at robust pace in third quarter

The U.S. economy grew at a robust pace over three months ending in September, slowing slightly from the previous quarter but continuing to dispel any concern about a feasible slowdown. The fresh update marks one of the last major pieces of economic data before the presidential election.

U.S. GDP grew at a 2.8% annualized rate over three months ending in September. That figure fell slightly below economists’ expectations.

financial expansion was fueled by surge in consume spending, an uptick in exports and powerful federal government spending, the U.S. Bureau of Economic Analysis said.

The recent data arrived weeks after the Federal safety net cut its standard gain rate a half of a percentage point. The landmark selection dialed back a years-long fight against expense boost and offered relief for borrowers saddled with high costs.

expense boost has slowed dramatically from a peak of about 9% in 2022, though it remains slightly higher than the Fed’s target of 2%.

Meanwhile, the labor trade has proven resilient. Employers hired 254,000 workers in September, far exceeding economist expectations of 150,000 jobs added, U.S. Bureau of Labor Statistics data showed. The unemployment rate ticked down to 4.1%, hovering near a 50-year low.

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