US Economy Grows 2.8% in Q3 While Inflation Progress Stalls

Steady consumer spending and rising exports drive growth, but inflation shows signs of stagnation as Federal Reserve weighs next rate cut.

The US economy expanded at an annualized rate of 2.8% in the third quarter, supported by strong consumer spending and a 7.5% rise in exports.
Inflation, as measured by the Federal Reserve's preferred PCE index, rose to 2.3% in October from 2.1% in September, signaling a potential slowdown in disinflation progress.
Core inflation, excluding food and energy, increased to 2.8%, raising questions about the Federal Reserve's plans for further rate cuts in December.
Personal income rose 0.6% in October, the largest monthly gain since March, giving consumers more spending power ahead of the holiday season.
Tech stocks, including Nvidia, HP, and Dell, saw significant declines, dragging down the Nasdaq by over 1%, as broader markets wavered following mixed corporate earnings and inflation data.