US Q3 GDP Revised to 3.1%, Driven by 3.7% Rise in Consumer Spending

Dec 20, 2024, 10:59 AM

The US economy expanded at an annualized rate of 3.1% in the third quarter of 2024, exceeding expectations and the previous estimate of 2.8%. The growth was propelled by vigorous consumer spending, which increased by 3.7%, and an uptick in exports. Business fixed investment and residential investment were also revised upward. Real final sales to domestic purchasers, a measure of core GDP, were revised from 3.2% to 3.4%. The GDP price index remained steady at 1.9%.