Third-quarter growth slows but US economy 'doing just fine'
The Guardian|October 31, 2024
The US economy grew slower than expected between July and September but is continuing its two-year expansion, data revealed yesterday, just days before millions of voters decide whether Kamala Harris or Donald Trump is best placed to lead the country forward.
Callum Jones

US gross domestic product (GDP) rose by 2.8% in the third quarter, short of economists' forecasts of 3.1%, and down from the previous quarter's 3%.

The increase was driven primarily by consumer spending, exports and federal government spending.

The figures appear to vindicate US policymakers' efforts to bring down inflation from its highest level in a generation of 9.1% in June 2020 to an annual rate of 2.4% last month, its lowest rate in more than three years.

The US Federal Reserve rapidly increased interest rates to tamp down prices in a move that economists feared risked tipping the world's largest economy into recession. Such warnings failed to materialise.

This story is from the October 31, 2024 edition of The Guardian.

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This story is from the October 31, 2024 edition of The Guardian.

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