The U.S. economy grew at a 3.4% annual pace from July through September, according to an Oct. 28 report by the Associated Press.
The Commerce Department said expansion in the nation’s gross domestic product was driven by strong consumer spending of (+3.8%) and strong business investment (+12.7%) linked to heavy investment in artificial intelligence.
It builds on the 2.2% GDP growth from the second quarter despite headwinds such as stubbornly high inflation.
According to a survey of forecasters by the data firm FactSet, economists had expected GDP to grow 3% in the third quarter.
