US GDP Grows 3.4% in Q3 as Inflation Accelerates

The United States economy recorded an annualized growth rate of 3.4% in the third quarter. This result surpassed the initial estimate of 3.1% and stood well above the 2.2% observed in the previous period. The performance was driven by investments in artificial intelligence and resilient consumer spending.

Simultaneously, inflation accelerated in September. The personal consumption expenditures price index rose 0.5%, bringing the annual rate to 3.6%. Core inflation, which excludes volatile items like food and energy, advanced 0.3% for the month and reached 3.1% on an annual basis.

The Federal Reserve kept the benchmark interest rate between 3.75% and 4% this week. The decision came despite persistent inflationary pressures and internal disagreements within the committee. Two members voted for an immediate rate hike to curb rising prices.

The labor market remains hot with unemployment claims at low levels. Data shows that private investments grew 19.4% in the quarter. Real private domestic demand, measured by real sales, rose 4.9% during the period.

The scenario of robust growth combined with high inflation increases pressure on future monetary policy. The Federal Reserve maintains a cautious stance to evaluate new economic data before defining the next steps of its strategy.