With just days before Election Day, the U.S. just got its latest economic report and the news is good, even if you don’t feel it. The Bureau of Economic Analysis reports the U.S. economy grew at a healthy annualized rate of 2.8% in the third quarter of 2024 powered by strong consumer spending for a range of goods and services, including cars, dining out and travel.
BREAKING: U.S. economy grew at 2.8% rate in the third quarterhttps://t.co/28tqzIOtBk
— Axios (@axios) October 30, 2024
Employers added more than a half-million jobs during July/August/September, and payroll processor ADP reports employers added another 233,000 jobs in October. Unemployment is currently hovering at a low 4.1%. It’s also worth noting the Dow Jones Industrial Average was 26,501 four years ago and today it closed at 42,141. The S&P 500 closed at 3,269 four years ago and closed at 5,813 today. 
So, to sum up: Core inflation fell to 2.2% in the third quarter, GDP grew at a 2.8% rate, unemployment is at 4.1%, and the stock market continues hitting record highs. This is a good bit of news for VP Kamala Harris as we head into the last week of the election.
JUST IN: The US economy is having a remarkable year: 2.8% GDP growth in Q3. That’s in line with expectations and well above the usual norm of ~2% growth.
Strong consumer spending and government spending continue to boost growth. pic.twitter.com/8lJp7sKxhg — Heather Long (@byHeatherLong) October 30, 2024
BOOM: The US economy expanded at a robust pace in the third quarter as household purchases accelerated ahead of the election. “Inflation-adjusted gross domestic product increased at a 2.8% annualized after rising 3% in the previous quarter.” https://t.co/ACDnFCSY39
— Tim O’Brien (@TimOBrien) October 30, 2024
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