Overview
- Treasury Secretary Scott Bessent told CBS’ Face the Nation he expects the U.S. to finish 2025 with 3% real GDP growth despite the recent government shutdown.
- Bessent said recent price increases stem largely from the service sector rather than tariffs and cited a roughly 1% gain in real incomes.
- The Bureau of Economic Analysis’ initial third-quarter GDP estimate was pushed to Dec. 23 due to the Oct.–Nov. shutdown.
- The Atlanta Fed’s GDPNow model estimated third-quarter growth at 3.5% as of Dec. 5, implying stronger momentum than earlier in the year.
- Commerce Department data show personal income rose $94.5 billion, or 0.4%, in September, supported by higher wages and asset income.