US economy grows faster than expected in report out just ahead of elections

Growth is in sharp contrast to households’ assessment, reflected in Trump’s record-low approval ratings

The US economy grew faster than expected in the third quarter as resilient consumer spending and AI-driven ⁠business investment more than ⁠offset the impact of higher oil prices stemming from the conflict in the Middle East.

Gross domestic product (GDP) increased at a 3.4% annualized rate last quarter, the commerce department’s ⁠bureau of economic analysis said in its advance estimate of the third quarter GDP on Thursday. Economists polled by Reuters had forecast GDP advancing at a 3.2% pace.

Estimates ranged from ⁠a 1% growth rate to a 4.2% pace.