US economy grew in Q3, driven by consumer spending The US economy expanded at an annualized rate of 2.8 percent in the three months to September, with consumer spending serving as a major contributor to growth.

The Department of Commerce released preliminary Gross Domestic Product data for the third quarter on Wednesday.

Personal consumption, which accounts for about 70 percent of GDP, increased 3.7 percent. It accelerated from 2.8 percent in the April-to-June period.

The economy has now grown for 10 consecutive quarters.

Corporate capital investment grew 3.3 percent, although that was slower than the 3.9 percent rate posted in the previous quarter.

Recently released data have consistently shown that the US economy remains resilient.

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