U.S. consumers keep economy on solid ground ahead of election

GDP logs strong growth as consumer spending rises the fastest since first quarter of 2023

Consumer spending accounts for more than two-thirds of U.S. economic activity. © Reuters

October 31, 2024 06:18 JST

WASHINGTON (Reuters) -- The U.S. economy grew solidly in the third quarter, with consumer spending increasing at its fastest pace in one and a half years and inflation slowing sharply, continuing to defy forecasts of a recession and outperforming its global peers ahead of the Nov. 5 presidential election.

The Commerce Department's advance estimate of third-quarter gross domestic product on Wednesday also showed robust business investment in equipment last quarter.