US economy grows at 2.8% pace in third quarter on consumer spending

abcnews.go.com:

The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth

WASHINGTON — The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth.

U.S. gross domestic product — the economy's output of goods and services — slowed from the April-July rate of 3%, the Commerce Department reported Wednesday.

But the GDP report still showed that the American economy — the world's largest — is proving surprisingly durable. Growth has topped 2% for eight of the last nine quarters.

Within the GDP data, a category that measures the economy’s underlying strength rose at a solid 3.2% annual rate from July through September, up from 2.7% in the April-June quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.

Still, American voters — exasperated by high prices — were unimpressed by the steady growth and chose this month to return Donald Trump to the White House to overhaul the nation's economic policies. He will be supported by Republican majorities in the House and Senate.

Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.5% annual pace last quarter, up from 2.8% in the April-June period and fastest growth since the fourth quarter of 2023. Exports also contributed to the third quarter’s growth, increasing at a 7.5% rate, most in two years. Still, the