US growth accelerated in the third quarter, but September's consumer-spending increase almost disappeared after adjusting for prices.
The BEA's October 29 releases put real GDP growth at a 3.4% annualized rate, up from 2.2% in the second quarter. Investment led the acceleration, alongside an upturn in government spending; weaker exports partly offset it.
September tells a different, narrower story. Consumer spending rose 0.5% in dollar terms, but less than 0.1% after inflation. The monthly PCE price index rose 0.5%, up from 0.3% in August. Excluding food and energy, prices rose 0.3%, the same monthly pace as August.
The quarterly GDP figure covers July through September; the spending report isolates September. Faster growth over the quarter can sit alongside a nearly flat final month for real consumption.
The GDP figure is an advance estimate. The next estimate and October income-and-spending report are scheduled for November 25.
Sources: BEA, October 29, 2026.
https://www.bea.gov/news/2026/gdp-advance-estimate-3rd-quarter-2026
https://www.bea.gov/news/2026/personal-income-and-outlays-september-2026
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The BEA's October 29 releases put real GDP growth at a 3.4% annualized rate, up from 2.2% in the second quarter. Investment led the acceleration, alongside an upturn in government spending; weaker exports partly offset it.
September tells a different, narrower story. Consumer spending rose 0.5% in dollar terms, but less than 0.1% after inflation. The monthly PCE price index rose 0.5%, up from 0.3% in August. Excluding food and energy, prices rose 0.3%, the same monthly pace as August.
The quarterly GDP figure covers July through September; the spending report isolates September. Faster growth over the quarter can sit alongside a nearly flat final month for real consumption.
The GDP figure is an advance estimate. The next estimate and October income-and-spending report are scheduled for November 25.
Sources: BEA, October 29, 2026.
https://www.bea.gov/news/2026/gdp-advance-estimate-3rd-quarter-2026
https://www.bea.gov/news/2026/personal-income-and-outlays-september-2026
#Macro #Bitcoin
