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United States

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US economy grew at a 3.4% annualized rate in third quarter

The U.S. economy expanded at a 3.4% annualized rate in the three months ending in September, a government report released Thursday showed.

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Workers among large pipes, concrete supports and construction materials.
Construction activity provides context for the report on U.S. economic growth. The photograph does not establish a specific location, project or connection to AI investment.

The U.S. economy expanded at an annualized rate of 3.4% during the three months ending in September, according to a government report released Thursday. The figure measures growth over that three-month period.

The third-quarter result marked an acceleration from the previous quarter, when GDP grew at a 2.2% annualized rate, U.S. Commerce Department data showed.

Spending on artificial intelligence has helped lift the U.S. economy in recent quarters. Many of the country's largest companies have invested in chips and data centers needed to operate AI.

Rising inflation this year has challenged Fed officials seeking to contain price increases. The central bank raised interest rates by a quarter of a percentage point last month to combat inflation, its first increase in three years.

Prices rose 3.7% in September from a year earlier, government data showed. That put inflation more than a percentage point above the Fed's target of 2%.