GDP grew 3.4% last quarter. Inflation hit 3.6% in September.
This is the final big economic report before voters go to the polls on November 3.
GDP measures everything the economy makes. It grew 3.4% on an annualized basis.
That topped the 3.1% forecast cited by CNBC. Q2 growth was just 2.2%.
The PCE price index climbed 0.5% in September. Annual inflation reached 3.6%.
Core PCE, without food and energy, hit 3.1% a year. The Fed target is 2%.
Spending rose 0.5% in dollars. But after prices, it was flat.
Personal income rose only 0.2% in September. Savings fell to 3.8%.
The Fed held rates at 3.75% to 4% on October 28. The vote was 10 to 2.
Markets now see an 84.6% chance of a rate hike in December.
New claims fell to 194,000. Layoffs remain rare.
Fresh GDP and income data arrive November 25. Then the Fed decides again.
Get the full breakdown, key numbers, and what happens next.
Read on Rive News