Business & Finance
Third-quarter US output rose 3.4% annualized, with September inflation still elevated
Growth accelerated from 2.2% in the prior quarter, while September inflation stayed above the Fed's 2% target.
The short version
- US GDP grew at a 3.4% annualized pace in the third quarter, up from 2.2% in the prior quarter, according to Commerce Department data.[ABC News]
- September inflation was above the Fed's 2% target, but reports cite different rates of 3.6% and 3.7%.[ABC News · NPR]
- Fed Chair Kevin Warsh acknowledged elevated inflation at a Wednesday press conference while voicing optimism about economic growth.[ABC News]
- CME's FedWatch tool, a market sentiment measure, put odds of a December quarter-point rate hike at about 85%.[ABC News]
Key facts
- US GDP grew at a 3.4% annualized rate over the three months ending in September, according to a government report released Thursday.[ABC News]
- Third-quarter growth accelerated from 2.2% annualized in the prior quarter, according to Commerce Department data.[ABC News]
- Prices rose 3.7% in September from a year earlier, according to government data cited by ABC News.[ABC News]
- NPR reports that prices rose 3.6% in September from a year earlier, according to the Commerce Department report.[NPR]
- The personal saving rate was 3.8% in September, down from 4.1% in August, according to a separate Commerce Department report cited by NPR.[NPR]
- Initial jobless claims edged lower to a seasonally adjusted 194,000 for the week ended Oct. 24, below a 200,000 estimate.[CNBC]
- Fed Chair Kevin Warsh voiced optimism about US economic performance at a Wednesday press conference while acknowledging elevated inflation.[ABC News]
- CME Group's FedWatch Tool put the odds of a quarter-point rate hike at the Fed's December meeting at about 85%.[ABC News]
What remains uncertain
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.