US economy still strong in final preelection report
It grew at a solid 2.8% annual rate from July through September


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."
Who said what
"The U.S. economy is firing on all cylinders," RSM chief economist Joe Brusuelas said. Add the GDP growth to 4.1% unemployment and 2.4% inflation, and "if there is such a thing as a sweet spot for the economy we're basically in it right now," financial adviser and author Ben Carlson said on X. Still, "after years of high inflation," The New York Times said, "a large majority of voters rate the economy as only fair or poor."
The fact that prices are still higher than before the Covid-19 pandemic has "exasperated many Americans and posed a challenge" to Kamala Harris' electoral prospects, The Associated Press said, even as "most mainstream economists" assess that Donald Trump's "policy proposals, unlike Harris', would worsen inflation." Trump "remains the more trusted candidate in terms of handling the economy," the Times said, though Harris "has closed much of the gap."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
The Labor Department will release October's jobs numbers on Friday, though "analysts are discounting the report as the data are expected to be badly distorted by the temporary effects of two hurricanes and a strike by Boeing workers," the Los Angeles Times said.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
By Peter Weber, The Week US Published
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US Published
-
What is the Mar-a-Lago accord?
Talking Point A Maga economic blueprint proposes upending the global financial system. Could it fly?
By The Week UK Published
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US Published
-
How will the Fed manage Trump's economy?
Today's Big Question Jerome Powell is 'in a bind'
By Joel Mathis, The Week US Published
-
Why are CEOs having second thoughts about Trump?
Today's Big Question Tariff threats and economic warning signs create corporate uncertainty
By Joel Mathis, The Week US Published
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
By Justin Klawans, The Week US Published
-
Rich people are 'powering' America's economy
Talking Points The income gap sets a new record
By Joel Mathis, The Week US Published