USA: Economic growth is accelerating more than expected

US economic growth accelerated somewhat more than expected in the fall. In the third quarter, gross domestic product (GDP) rose by an annualized 3.4 percent compared to the previous quarter, as the Commerce Department announced according to an initial survey in Washington. On average, economists had only expected growth of 3.2 percent. In the second quarter, the world's largest economy grew by 2.2 percent.

Despite rising inflation, Americans continue to be willing to spend. Their spending increased by 0.5 percent in September compared to the previous month, the Commerce Department announced on Thursday. In August there was an increase in consumer personal spending of 0.9 percent. Private consumption is considered the driving force of the US economy, which picked up speed in the summer despite the burdens of the Iran war.

In the USA, economic growth data is published on an annualized basis. This method is not used in Europe, which is why the numbers are not directly comparable. To get a growth rate comparable to Europe, you would have to divide the US rate by four.

“Five days before the US midterm elections, strong growth figures for the third quarter underline the image of a resilient US economy,” comments KfW Research USA expert Stephan Bales. “Private consumption continues to provide support despite inflation, high fuel prices and rising interest rates.”

At the same time, the AI ​​investment boom has been boosting growth for months. »However, AI is also increasingly being financed through debt, which makes growth more vulnerable to sudden liquidity crises. Without the shock absorber of equity capital, a lack of profits and high interest rates quickly lead to payment problems.”

A lot is at stake in the US midterm elections at the beginning of November - including the majorities in the House of Representatives and the Senate. Right in the middle: America's tech billionaires, who are donating more than ever before.