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The economy grew at a 3.1% annual rate in the third quarter of this year, adjusted for inflation, just over the 3% rate the quarter before, the Bureau of Economic Analysis reported Thursday morning in its final estimate of gross domestic product.
GDP growth has remained relatively robust this year despite headwinds such as high interest rates from the Federal Reserve.
The economy expanded at a 3% rate in the second quarter and just 1.4% in the first. This is the third of three estimates for GDP that the BEA makes and the BE revised its estimate up by three-tenths of a percentage point.
Consumer spending helped push up the headline GDP rate. Growth was also driven in part by government spending. Both of those propped up GDP as residential investment fell amid a flagging housing market.
