U.S. Economy Grows 3.1% in Third Quarter, Revised Data Shows

Stronger consumer spending and exports drive economic growth, but inflation and labor market concerns persist.

The U.S. economy expanded at an annualized rate of 3.1% in the third quarter, up from an earlier estimate of 2.8%.
Consumer spending grew by 3.7%, its fastest pace since early 2023, accounting for much of the GDP growth.
Government spending, particularly on defense, and a 9.6% increase in exports also contributed to the stronger performance.
Inflation remains above the Federal Reserve's 2% target, with the consumer price index rising 2.7% last month.
The labor market shows mixed signals, with unemployment rising slightly to 4.2% and job growth slowing in October before rebounding in November.