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Corporate profits helped drive growth, skyrocketing by more than $166 billion, up from a $6.8 billion increase during the previous quarter.
President Donald Trump smiles from the field before the Army-Navy football game at M&T Bank Stadium on Dec. 13 in Baltimore. | Patrick Smith/Getty Images
The U.S. economy expanded at an annual rate of 4.3 percent during the third quarter, blowing past the expectations of economists and delivering a boost to President Donald Trump as he seeks to reverse his flagging approval ratings.
The Commerce Department’s initial estimate of gross domestic product — which was significantly delayed due to the government shutdown — reported sharp increases in consumer spending, government investment and exports. Americans spent more on health care, recreational goods and nondurable products like prescription drugs.
