US economy accelerates by 4.3% with strong consumer spending and export growth in Q3
&imwidth=600&imheight=450&format=webp&quality=medium "US economy accelerates by 4.3% with strong consumer spending and export growth in Q3")
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The US economy grew at a faster-than-expected pace in Q3, expanding 4.3% due to a surge in consumer spending and a strong export recovery
The US economy saw a significant boost in the third quarter, growing at an annualised rate of 4.3%, up from 3.8% in the previous quarter. This marks the strongest growth the economy has experienced in two years, exceeding expectations. These figures come as a clearer view of the economy emerges following delays in data collection due to the US government shutdown.
The data revealed that consumer spending rose at a rate of 3.5%, compared to 2.5% in the previous quarter, despite concerns over inflation and a slowing job market. This increase in consumer activity, particularly in health care services, was one of the key drivers behind the economic expansion. Although growth this year has faced challenges from changes in trade and immigration policies, as well as cuts in government spending, the economy has still maintained steady momentum.
Donald Trump credits tariffs for growth in the economy
Imports continued to decline, likely a result of the new taxes imposed on shipments entering the US following President Donald Trump's spring tariff announcements. On the other hand, exports experienced a strong recovery, rising by 7.4%.
President Trump attributed much of this growth to the tariffs his administration has put in place, claiming that they played a crucial role in boosting the economy. He further stated that conditions would continue to improve, and emphasized that there was "no inflation" and that the country was enjoying strong national security. “The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED…AND THEY WILL ONLY GET BETTER! Also, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the U.S. Supreme Court!!! President DJT,” said US President Donald Trump in his post on Truth Social.
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