US economy grew more than expected in 3rd quarter

The U.S. economy expanded more than economists expected over a recent three-month period, recording robust growth despite concerns about sluggish hiring and cash-strappped shoppers, federal government data on Tuesday showed.

The U.S. economy grew at an annualized rate of 4.3% in the third quarter in the government’s initial estimate, marking an acceleration from 3.8% growth recorded in the previous quarter.

A boost in consumer spending helped propel the economic surge in gross domestic product (GDP) over three months ending in September, the U.S. Commerce Department said. Consumer spending, which accounts for about two-thirds of U.S. economic activity, is a key bellwether for the outlook of the nation’s economy.

The GDP reading stemmed in part from a rise in exports and a drop-off in imports, which may have resulted from tariffs issued earlier this year by President Donald Trump.

Popular Reads

The government’s GDP formula subtracts imports in an effort to exclude foreign production from the calculation of total goods and services.

This is a developing story. Please check back for updates.