U.S. Third-Quarter GDP Growth Reaches 3.4 Percent

The U.S. economy expanded by 3.4 percent in the third quarter, exceeding initial expectations. Growth was supported by personal consumption, though inflationary pressures remain present. The personal consumption expenditures price index for September was projected to rise 0.5 percent, resulting in an annual rate of 3.7 percent. Market participants are monitoring the September PCE data for further signals on inflation trends.