The U.S. economy grew robustly as Americans continued to spend

"The U.S. economy grew robustly in July, August and September, powered by steady consumer spending, especially on health care. The gross domestic product the broadest measure of the nation's economic activity for the third quarter grew at an annual rate of 4.3%, much faster than the 3.8% expansion seen between April and June, according to the Commerce Department on Tuesday."

"Spending by consumers, who remain the key engine of the U.S. economy, increased in the third quarter, according to the Commerce report. People spent more on hospital and nursing home services, on prescription drugs and on "information processing equipment," such as computer hardware, presumably as part of the AI boom. Consumer spending has been resilient for much of the year; however, in recent polling, more and more people today are saying they're feeling down about their financial prospects."

The U.S. economy expanded at a 4.3% annualized rate in the third quarter, accelerating from 3.8% in the previous quarter. Consumer spending led growth, with notable increases in hospital and nursing home services, prescription drugs, and information processing equipment. Business and residential investment declined while state and local government spending rose. Trade effects were mixed: imports of goods fell and exports rose, with imports subtracting from measured GDP. The report was delayed by a government shutdown. Inflation has cooled, with consumer prices rising 2.7% year over year in November, though some large costs remain high.

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