U.S. Economy Grew 3.4%

Summary

Updated Oct 29, 1:48pm ET

The U.S. economy grew at a 3.4% annualized rate in the third quarter, exceeding forecasts. The Fed’s preferred PCE inflation measure rose 0.5% in September and 3.6% from a year earlier. Core inflation, which excludes food and energy, remained above the Fed’s 2% target. The Federal Reserve had held its benchmark rate at 3.75% to 4% after a September increase, saying it wanted more data before its next move. The data landed days before the midterm elections, as voters weighed affordability. Consumer spending stayed strong, and business investment jumped on AI-related equipment. Imports and housing weighed on growth. The Commerce Department plans two revisions before the Fed’s December decision.

Left and right

From the left

Left-leaning outlets framed the report as strong growth undercut by stubborn prices, putting more weight on affordability than on political upside. CNN lingered on inflation as a continuing threat tied to energy shocks and broader price pressure. The New York Times emphasized voters who blamed Trump and Republicans on affordability, while noting that spending and AI investment kept growth resilient.

From the right

Right-leaning outlets treated the report as an economic bright spot, while stressing that inflation still complicates the Fed’s next move. The New York Post focused on households squeezed by energy costs and underlying price pressure, even as consumers and AI investment kept growth strong. RedState cast the growth figures as a midterm boost for Trump and Republicans.

U.S. Economy Grew 3.4%

Summary

Left and right

From the left

From the right

Both sides, every morning

Articles

Left8

Center13

Right15

Topics

Also today