Array
The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth.
U.S. gross domestic product — the economy’s output of goods and services — slowed from the April-July rate of 3%, the Commerce Department reported Wednesday.
But the GDP report still showed that the American economy — the world’s largest — is proving surprisingly durable. Growth has topped 2% for eight of the last nine quarters.
Within the GDP data, a category that measures the economy’s underlying strength rose at a solid 3.2% annual rate from July through September, up from 2.7% in the April-June quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.
Still, American voters — exasperated by high prices — were unimpressed by the steady growth and chose this month to return Donald Trump to the White House to overhaul the nation’s economic policies.
