Consumer Spending Propels US Economy to 2.8% Growth in Q3

In Q3 2024, the US economy expanded at a healthy 2.8% annual pace, maintaining its momentum from previous quarters. Consumer spending, which accounts for about 70% of economic activity, accelerated to 3.5%, while exports surged by 7.5%. Although business investment slowed, particularly in real estate, equipment spending increased significantly. This steady growth pattern has persisted for most of the past two years, demonstrating the economy’s durability.