The final economic growth report before the election showed U.S. gross domestic product (GDP) rising at strong pace, according to data released Friday by the Commerce Department.
U.S. GDP grew at an annualized rate of 2.8 percent between July and September, according to the latest data from the Commerce Department. GDP growth slowed slightly from a 3 percent rate in the second quarter, but came in above economists’ expectations of 2.6 percent.
Despite the pressure of inflation and high interest rates, the U.S. economy has held strong throughout the year and may be approaching the “soft landing” sought by economists.
Inflation has now fallen to within striking distance of the Federal Reserve’s 2 percent annual target and the unemployment rate has remained not far above 4 percent.
The turning economic tide comes as Vice President Harris and former President Trump are battling over who would best for the U.S. economy, which polls shows as a top issue among voters.
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