US GDP grew by 3.4% in the third quarter — CNBC

In the United States, gross domestic product grew by 3.4% in the third quarter at an annualized rate, exceeding analysts’ expectations. At the same time, inflation accelerated in September, CNBC reports.

Growth above the forecast

The Dow Jones consensus forecast projected that US GDP would increase by 3.1% in the third quarter at an annualized rate. The 3.4% figure was 0.3 percentage points above this estimate.

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Inflation estimates

Economists surveyed by Dow Jones expected the personal consumption expenditures price index, or PCE, to rise by 0.5% in September month over month, with the annual rate at 3.7%. Excluding food and energy, the forecast for the core PCE index called for an increase of 0.3% month over month and 3.1% year over year.

The PCE and core PCE forecasts cited by CNBC concerned September data. Dow Jones’ estimate of US GDP growth concerned the third quarter.