The trend: The US economy is in good shape as retailers prepare for the critical last two months of the year.
Q3 GDP growth exceeded expectations. Inflation-adjusted gross domestic product grew 2.8% year over year (YoY), a slight slowdown from 3.0% in Q2, per the US Commerce Department. That outpaced the 2.6% gain that economists surveyed by FactSet had expected.
Consumer spending grew at the fastest rate since Q1 2023. Consumer spending grew 3.7% YoY in Q3, as shoppers splurged on a range of goods, including autos and household furnishings.
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