US Economy Posts Solid 2.8 Percent Growth in Q3, Consumer Spending Leads [Video]

The U.S. economy grew at an annualized 2.8 percent pace in the third quarter, driven by strong consumer spending and rising exports, according to revised data released by the Commerce Department.

Though slightly slower than the previous quarter’s 3 percent growth, the report highlights the economy’s gradual fight against inflationary pressures.

Consumer spending surged at a 3.5 percent annual rate last quarter, marking its fastest pace since late 2023. The uptick was led by increased spending at bars, restaurants and auto dealers.

“The moderation in the pace of price growth is allowing consumers to ratchet up spending,” Tim Quinlan, an economist at Wells Fargo, told the Associated Press last month.

U.S. Inflation …