US Economy Grows in 3rd Quarter, Driven by Surge in Consumer, Government Spending

Consumer spending and government expenditures continue to prop up the world’s largest economy.

People shop at Eastern Market in Washington on Aug. 9, 2024. Umit Bektas/Reuters

The U.S. economy expanded at a slower-than-expected pace in the third quarter, as growth was primarily fueled by increases in consumer and federal government spending.

According to the Bureau of Economic Analysis (BEA), the real gross domestic product (GDP) growth rate was 2.8 percent from July to September, down from 3 percent in the previous quarter.