Gross domestic product, which broadly measures economic activity, grew at an annual rate of 3.4% July through September, according to a report from the Commerce Department released Thursday. The previous quarter GDP grew at a 2.2% annual pace. The U.S. economy grew faster in the summer compared to the spring, driven by consumer spending as well as investments in AI. Siri Steven, a manager at a resale store in Decorah, Iowa, says she and her husband are putting off fixing up their more than 130-year-old house. "We barely go out to eat now," Steven said. "I really have to be mindful of our budget and make sure that we can pay all our bills and not overdraft." She also says her family hasn't been able to save, going paycheck to paycheck.
WinstonGross domestic product, a broad measure of economic activity, grew at an annual rate of three point four percent from July through September, according to the Commerce Department's report released today.
AsherThe U.S. economy grew faster than in the spring, when the annual pace was two point two percent. What drove the faster summer growth?
WinstonConsumer spending and investments in artificial intelligence, or AI, drove the faster growth. But that broad measure of activity is different from a particular household's budget.
AsherSiri Steven, a manager at a resale store in Decorah, Iowa, says she and her husband are putting off fixing up their more than one hundred thirty-year-old house.
WinstonAnd the everyday spending matters, too. Steven says they barely go out to eat now. She says she has to watch their budget carefully to pay all their bills without overdrafting.
AsherSteven also says her family hasn't been able to save and is living paycheck to paycheck. The national number describes growing economic activity; her account describes a household struggling to make room for savings.
Tip jar