The surprisingly strong growth ‘reflected increases in consumer spending, exports and government spending’, according to officials. Key US politics stories from Tuesday 23 December
The US economy surged over the summer, the commerce department announced on Tuesday, with gross domestic product (GDP) – a broad measure of the value of goods and services – rising at an annualized rate of 4.3% over the third quarter, far higher than expected and its fastest rate in two years.
The report comes as polls show Americans have soured on Donald Trump’s handling of the economy and his tariffs. The supreme court is currently weighing legal challenges to those levies.
Trump wrote on Truth Social: “The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED…AND THEY WILL ONLY GET BETTER! Also, NO INFLATION & GREAT NATIONAL SECURITY. Pray for the US Supreme Court!!! President DJT.”
The summer surge was offset by more bad news on consumer confidence. The Conference Board’s closely watched gauge of consumer sentiment fell in December for the fifth month in a row, the longest consecutive fall since 2008.
