The initial revised economic estimates released by the US government on Thursday revealed that the American economy achieved its fastest growth rate in two years during the July to September period, propelled by robust consumer spending.
Data from the US Department of Commerce showed that Gross Domestic Product (GDP), which measures the nation's output of goods and services, grew at an annualized rate of 4.4% in the third quarter. This figure not only surpassed the 3.8% growth seen in the second quarter but also exceeded the Commerce Department's initial estimate of 4.3%, marking the highest economic growth rate since the third quarter of 2023.
Consumer spending, which constitutes 70% of US GDP, registered a solid increase of 3.5% in the third quarter. Within this, spending on services such as healthcare grew by 3.6%, while goods consumption increased by 3%. However, spending on durable consumer goods—items with a lifespan of at least three years, like automobiles—saw a more modest rise of just 1.6%. A surge in exports combined with a decline in imports also contributed significantly to the quarter's strong economic performance.
Non-residential business investment grew by 3.2%, reflecting, to some extent, the market's fervent investment interest in the field of artificial intelligence.
Despite uncertainties stemming from the economic policies of the Trump administration—particularly the imposition of double-digit tariffs on imports from nearly all countries—the US economy continued to demonstrate considerable resilience.
It is noteworthy, however, that despite the impressive economic growth figures, many Americans remain dissatisfied with the current economic situation, feeling the pinch of high living costs particularly acutely.
The disconnect between consumers' subjective feelings and the strong spending data may reflect the current "K-shaped recovery" characteristic of the US economy: incomes for affluent groups are buoyed by market gains and investment growth, driving their consumption意愿持续走高, while lower-income families grapple with the dual pressures of stagnant wages and high prices.
The performance of the job market also lags far behind the overall economy. Since March of this year, US businesses have added an average of just 28,000 jobs per month. This pales in comparison to the employment boom period of 2021 to 2023 following the lifting of COVID-19 lockdown measures, when businesses added an average of 400,000 jobs per month. Nevertheless, the US unemployment rate remains low at 4.4%, indicating a labor market characterized by a "no-hire, no-fire" approach—businesses are reluctant to hire new employees but equally hesitant to lay off existing staff.
"Heather Long, Chief Economist at Navy Federal Credit Union, stated, "The US is experiencing a 'jobless growth boom'—economic momentum is driven by investments in artificial intelligence and spending by wealthy households, but the job market shows almost no improvement. This situation is causing deep unease among many middle-class families. A key question for 2026 is whether the middle class will actually be able to share in the benefits of this economic prosperity."