US economy expands by 4.3% on a quarterly basis in third quarter
The increase in real gross domestic product (GDP) was driven by a combination of factors, including a smaller decline in investment, accelerated consumer spending, and gains in exports and government expenditures. Imports, which are subtracted in GDP calculations, also decreased.
Real final sales to private domestic purchasers—which combine consumer spending and gross private fixed investment—rose 3% in Q3, up from 2.9% in the second quarter. Meanwhile, the price index for gross domestic purchases climbed 3.4%, compared to a 2% increase in Q2.
Commenting on the data, US President Donald Trump attributed the stronger-than-expected growth to his administration’s tariff policies. “The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED…AND THEY WILL ONLY GET BETTER!” he wrote on Truth Social, adding, “Also, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the U.S. Supreme Court!!!”
The tariffs, introduced in April, had faced legal challenges. A lower court ruled in May that the reciprocal tariffs exceeded presidential authority under the International Emergency Economic Powers Act (IEEPA). The Supreme Court heard arguments in November, but a final ruling on the legality of the tariffs has not yet been issued.
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