Economy grew faster than expected in 3rd quarter
Digest more
The economy remained on track this year, defying the gloomiest predictions. That doesn't mean Americans are thrilled with how things are going.
Elon Musk has never been shy about bold predictions, and his latest one goes straight at the heart of the U.S. economy. In a post highlighted by prediction‑market platform Kalshi, Musk said U.S. GDP will grow by “double digits” within the next 12 to 18 months, implying annual real growth of at least 10%.
A long-delayed government report showed GDP grew at an annual 4.3% rate for the July through September quarter, beating expectations.
The data, which was delayed from October by the government shutdown, comes as the economy takes center stage for voters and the Trump administration.
Tuesday’s report from the Commerce Department said U.S. gross domestic product up from its 3.8% growth rate in the April-June quarter.
The jobs report on Tuesday "paints a sobering picture of a job market that may officially be turning frigid after a prolonged cooling period," Laura Ullrich, director of economic research in North America at the Indeed Hiring Lab, told ABC News in a statement.
The U.S. economy expanded in the third quarter at the fastest pace in two years, bolstered by resilient consumer and business spending and calmer
Household spending is increasingly divided between wealthy consumers who are helping to keep the economy humming and everyone else.