The U.S. economy maintained a strong pace of growth in the third quarter as inflation eased and strong wage increases boosted consumer spending ahead of a hotly contested presidential election focused on budget issues.
Data from the Commerce Department's Bureau of Economic Analysis showed preliminary estimates that GDP rose at an annual rate of 2.8 percent in the third quarter.
Economists had predicted in a Reuters poll that U.S. gross domestic product would grow by 3%. US GDP growth for the third quarter was expected to be reported strongly, driven by strong consumer spending despite continued high interest rate pressures.
