US economy still strong in final preelection report

It grew at a solid 2.8% annual rate from July through September

Shoppers boost the U.S. economy before the 2024 presidential election
Voters have rated the economy as their top issue in the 2024 presidential election
(Image credit: Michael M. Santiago / Getty Images)

What happened

The U.S. economy grew at a solid 2.8% annual rate from July through September, the Commerce Department said Wednesday, in the final major update on U.S. economic health before an election where voters rate the economy as their top issue. The GDP report showed "consumer spending increasing at its fastest pace in 1.5 years and inflation slowing sharply," Reuters said, reflecting a U.S. economy "continuing to defy forecasts of a recession and outperforming its global peers."

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.