US economy posts strong growth, inflation stubbornly high in challenge to Trump
WASHINGTON — The United States posted strong economic growth in the third quarter, but the Fed's preferred inflation gauge also accelerated, the Commerce Department said on Thursday, in a mixed economic bag for U.S. President Donald Trump ahead of key midterm polls next week. Real GDP increased at an annual rate of 3.4 percent in the third quarter, the department's Bureau of Economic Analysis…
The United States witnessed robust economic growth in the third quarter, according to the Commerce Department's latest report. Real Gross Domestic Product (GDP) expanded by an annualized rate of 3.4 percent, surpassing market projections. The drivers behind this growth included heightened investment, increased consumer spending, and elevated government spending, although these gains were somewhat tempered by a decline in exports, as reported by the Bureau of Economic Analysis (BEA).
The Federal Reserve's preferred metric for inflation, the Personal Consumption Expenditures (PCE) price index, also experienced a significant uptick, climbing by 3.6 percent year-over-year in September. This marked a notable rise from the previous month's figures.
President Donald Trump's economic policies are a critical concern for voters as they head into the upcoming midterm elections on Tuesday. Democrats are aiming to capitalize on this economic narrative to potentially seize control of both chambers of Congress from Trump's Republican Party.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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