Gross Domestic Product (GDP) growth missed expectations in the third quarter. The concerning economic data comes just a week before the 2024 U.S. presidential election—though it is unclear how much of an impact the news could have on voters.
The consensus expectations for GDP growth in the third quarter were 3.1 percent. However, the final growth number came in just shy of 2.8 percent. In the second quarter, the economy grew at a rate of three percent.
Additionally, there are some concerns that inflation could be accelerating again. The Core Personal Consumption Expenditures (Core PCE) came in at 2.2 percent, above the 2.1 percent expectation. Core PCE is one of several inflation measures used by the Federal Reserve to monitor and determine price conditions in the United States.
