Strong Consumer Spending Propels Higher-Than-Expected Economic Growth in Third Quarter
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Third-quarter GDP increased at 4.9% rate, faster than expected, boosted by robust consumer spending and inventory restocking.
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Consumer spending accelerated on goods and services like healthcare, dining out, recreation, and vehicles.
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Business investment softened as equipment spending declined, though inventory accumulation and smaller trade deficit offered boost.
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Growth could slow in Q4 due to auto strikes and student loan repayments resuming.
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Inflation pressures continued easing, with core PCE price index rising 2.4%, though overall inflation picked up.
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