US economy grew at a 3.4 percent pace in the third quarter
According to Department of Commerce data, the U.S. economy registered 3.4 percent growth in the third quarter of the year, driven by strong consumer spending and artificial intelligence investments.
The U.S. economy grew at an annualized rate of 3.4 percent in the third quarter covering the July-September period, outpacing the 2.2 percent growth rate in the second quarter.
Gross domestic product data reflecting the production of goods and services in the United States was released by the Department of Commerce. Accordingly, the economy gained momentum in the third quarter following the 2.2 percent growth in the April-June period.
According to the released data, consumer spending increased by 3.8 percent during the period in question, while business investments experienced a sharp rise, partly influenced by activity in the field of artificial intelligence.
Sources
- wral.com · Link