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BackUS economy grows faster than expected 3.4% in 3Q, driven by consumers, AI investment
US economy grows faster than expected 3.4% in 3Q, driven by consumers, AI investment
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SCMP Economy1 hour agoBusiness1 min readChina

US economy grows faster than expected 3.4% in 3Q, driven by consumers, AI investment

gdpus economyconsumer spending

Quick Look

  • The US economy grew at an annualized rate of 3.4% in the third quarter, surpassing the 3.2% forecast by economists.
  • Growth was driven by resilient consumer spending and AI-related business investment, despite higher oil prices from Middle East tensions.

AI-generated summary

Why It Matters

The Bureau of Economic Analysis provides advance estimates for GDP based on available data. Economic forecasts are regularly conducted by polling financial analysts.

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The US economy grew faster than expected in the third quarter as resilient consumer spending and AI-driven business investment more than offset the impact of higher oil prices stemming from the conflict in the Middle East.

Gross domestic product increased at a 3.4 per cent annualised rate last quarter, the Commerce Department’s Bureau of Economic Analysis said in its advance estimate of third-quarter GDP on Thursday. Economists polled by Reuters had forecast GDP advancing at a 3.2 per cent pace.

Estimates ranged from a 1 per cent growth rate to a 4.2 per cent pace.

Open Questions

  • What specific sectors drove the AI investment?
  • Will consumer spending remain resilient in Q4?

Related Topics

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OrganizationsCommerce DepartmentBureau of Economic AnalysisReuters
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Topicsus economyconsumer spendingai investmentcommerce department
This article was originally published by SCMP Economy.

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