The U.S. economy continued its positive trajectory in the third quarter of 2024, expanding at an annual rate of 2.8%, according to the Bureau of Economic Analysis (BEA).
This performance follows a better-than-expected 3.0% growth rate in the second quarter. While slightly below economists’ forecasts of 3.0% growth, the third quarter figures indicate continued resilience in the face of economic challenges.
Earlier this year, the economy experienced slower growth, with the first quarter registering a 1.4% increase. However, the second and third quarters have demonstrated a marked improvement.
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Factors Contributing to Growth
Several factors likely contributed to the continued economic growth:
- Federal Reserve Rate Cut: In September, the Federal Reserve lowered its benchmark interest rate by 0.50% to stimulate economic activity.
- Easing Inflation: Inflation has been gradually declining, reaching 2.5% in August. This provides some relief to consumers and businesses.
- Strong Job Market: The unemployment rate fell to 4.1% in September, with the addition of 254,000 nonfarm payroll jobs.
The Economy and the Election
With the presidential election just days away, the economy remains a top concern for voters. A recent Gallup poll indicated that 52% of voters consider the candidates’ economic positions “extremely important.”
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The BEA will release its second estimate for third-quarter GDP on November 27th, providing further insights into the economy’s performance.
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