Strong GDP growth in the third quarter

GDP growth in the third quarter was 4.9%, exceeding expectations. This growth rate was the highest since the end of 2021 and was broad-based across all sectors of the economy. Consumer spending played a significant role in driving this growth, with strong spending on both goods and services. Business investment also increased, particularly in residential fixed investment, which saw growth for the first time in nine quarters. Government spending contributed positively to GDP, with both federal and state/local spending seeing increases. The only detractor from growth was net exports, which had a small negative impact. Overall, the GDP report suggests a strong and resilient economy.