18 sources·Business

U.S. Economy Grows at 2.8% Amid Election Campaigning

The U.S. economy expanded at a 2.8% annual rate, driven by strong consumer spending, as inflation eases ahead of the presidential election.

28%

56%

17%

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Updated: Oct 30th, 2024, 4:41 PM ET

Summary

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U.S. GDP grew at an annualized rate of 2.8% from July to September, a slight slowdown from the previous quarter. Consumer spending rose by 3.7%, bolstered by increasing exports and government spending. Although inflation showed signs of slowing, it remained above the Federal Reserve's target, prompting recent interest rate cuts to stimulate borrowing. The job market continues to demonstrate resilience with significant job additions. However, public perception of the economy is divided along partisan lines, complicating the electoral landscape as the presidential election draws near.

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