The U.S. economy grew by 3.4% in the third quarter, surpassing market expectations.

BlockBeats news, October 29 — The initial annualized quarter-over-quarter reading of U.S. real GDP for the third quarter came in at 3.4%, a sharp acceleration from 2.2% in the previous quarter, versus a market expectation of 3.2%, as the AI investment boom continued to fuel economic growth.

Since the start of the year, American companies have invested heavily in AI data centers and high-tech equipment, providing important support for economic growth. Despite persistent inflationary pressures, consumers have maintained strong spending. Federal Reserve Chair Warsh said on Wednesday that economic growth momentum has strengthened, noting that consumer spending has been solid and that capital expenditure as a share of GDP is at a historic high. U.S. President Trump called the U.S. economy "the hottest economy in the world." U.S. economic growth continues to outpace other Group of Seven (G7) member countries.