U.S. GDP Grew 3.4% in Third Quarter as Investment and Spending Rose
Smartor 편집팀
October 29, 2026
Featured image: AI-generated explanatory illustration of U.S. production, investment and consumption, not a photograph of an actual industrial site or a statistical chart.
The U.S. economy grew at an annualized rate of 3.4% in the third quarter of 2026, the Commerce Department’s Bureau of Economic Analysis reported in its advance estimate on October 29. Growth in July through September accelerated from 2.2% in the second quarter, with investment, consumer spending and government spending all increasing.
The annualized figure expresses the quarter’s pace of growth as if it continued for a full year. BEA put the actual quarter-to-quarter increase in inflation-adjusted gross domestic product at 0.8%. The advance estimate is subject to revision as additional data become available.
Inventories and equipment investment rose; exports declined
Higher investment primarily reflected increases in private inventories and equipment. Inventory investment rose in wholesale trade and manufacturing, led by nondurable goods industries. Information-processing equipment, particularly computers and peripheral equipment, led the increase in equipment investment.
Consumer spending increased on both services and goods. Health care, including hospitals and outpatient services, and food services and accommodations led the rise in services. Other nondurable goods, mainly prescription drugs, led the goods increase. Government spending also rose, while exports declined. Imports, which are subtracted in calculating GDP, increased.
BEA attributed the acceleration from the second quarter primarily to faster investment growth and an upturn in government spending, partly offset by a downturn in exports. Real final sales to private domestic purchasers—the sum of consumer spending and private fixed investment—rose at an annualized rate of 4.9%, compared with 4.6% in the previous quarter.
Quarterly PCE inflation slowed to an annualized 2.1%
The personal consumption expenditures price index increased at an annualized rate of 2.1% in the third quarter, down from 5.0% in the second quarter. Excluding food and energy, the index rose 2.5% on the same basis, compared with 3.3% in the previous quarter.
A separate personal income and outlays report released the same day showed that the PCE price index rose 0.5% in September from the preceding month and 3.6% from a year earlier. The core index rose 0.3% for the month and 3.1% over the year. Those monthly and year-over-year comparisons use different measurement periods from the annualized quarterly inflation rates in the GDP release.
Current-dollar consumer spending increased 0.5% in September, while personal income rose 0.2%. Inflation-adjusted consumer spending increased less than 0.1%, and real disposable personal income fell 0.3%. The personal saving rate was 3.8% of disposable income.
BEA is scheduled to release its second estimate of third-quarter GDP and corporate profits on November 25 at 8:30 a.m. Eastern Standard Time. The October personal income and outlays report is due at the same time.