US economy expanded at an annual rate of 2.8% in the third quarter, slightly below the expected 3.0% and down from the previous quarter’s 3.0% growth.
This increase in real GDP was primarily supported by stronger consumer spending, exports, and federal government expenditures. However, a rise in imports, which detracts from GDP, partially offset these gains.
Inflation pressures moderated, with PCE Price Index rising by 1.8%, down from 2.5% in Q2 and well below the expected 2.7%.
