The U.S. economy grew robustly in the third quarter, despite devastating hurricanes that ravaged much of the country. The Commerce Department reported on Friday that GDP expanded at a 3% annual rate from July-September. This was above the 2.7% median figure economists polled by the WSJ had projected. This strong showing was propelled by steady spending from American households and businesses. The report is also likely to encourage the Federal Reserve to raise interest rates at its meeting in December, as inflation rose over the summer.
U.S. Notches Solid 3% Economic Growth, Despite Hurricanes
- Posted October 27
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