U.S. third-quarter economic growth reached 3.4%, exceeding market expectations.

On October 29, the US preliminary third-quarter annualized real GDP came in at 3.4%, marking a significant acceleration from the previous quarter’s 2.2%, against market expectations of 3.2%. The artificial intelligence investment boom continues to fuel economic growth. Since the start of the year, US companies have made substantial investments in AI data centers and high-tech equipment, providing crucial support for economic expansion. Despite persistent inflationary pressures, consumers continue to maintain robust spending.

Federal Reserve Chair Waller stated on Wednesday that economic growth momentum has strengthened, noting that consumer spending remains solid and the share of capital expenditures in GDP is at historic highs. US President Trump remarked that the US economy is “the hottest in the world.” The US economic growth rate continues to outpace other Group of Seven (G7) member countries. (Jin10)