Domestic demand remains stable, coupled with strong export growth, the GDP growth rate of the United States in the third quarter reached a nearly two-year high.

The performance of the US economy in the third quarter was slightly better than initial estimates, with strong exports and reduced drag from inventories providing important support for economic expansion. According to data released by the Bureau of Economic Analysis (BEA) on Thursday, the inflation-adjusted Gross Domestic Product (GDP) grew at an annual rate of 4.4%, higher than previously reported levels, marking one of the fastest growth rates in nearly two years. The report indicates that the US economy achieved one of its strongest consecutive two-quarter growth periods since the recovery from the COVID-19 pandemic in 2021. The data also shows that following President Trump's introduction of wide-ranging tariff policies, businesses frontloaded imports of goods early in the year to beat the tariff deadlines, and then gradually slowed down their import pace. Despite fluctuations in trade policy, consumer and business spending remained resilient, providing support to the economy. Against the backdrop of strong economic growth, a relatively stable job market, and inflation levels that remain above target, it is widely expected in the market that Federal Reserve officials will maintain interest rates at next week's policy meeting. Meanwhile, another set of data released on Thursday shows that initial jobless claims in the US remain low, indicating a robust labor market. The GDP report also highlights that the preferred inflation indicator for the Federal Reserve, the Personal Consumption Expenditures (PCE) Price Index excluding food and energy prices, rose at an annual rate of 2.9% in the third quarter, consistent with previously reported data. Looking at the components, consumer spending, which is a major growth engine of the US economy, grew by 3.5% in the third quarter. Services spending saw its fastest growth in three years, while goods spending accelerated compared to the previous quarter. Business investment grew by 3.2%, primarily driven by continued growth in computer equipment spending; investments in data centers for artificial intelligence even reached a historical high. Due to the disruptions caused by trade and inventory fluctuations in the past year, economists are paying more attention to the "private purchases final sales gauge," which is a more reflective indicator of actual demand. This indicator grew by 2.9% in the third quarter, unchanged from the previous quarter, indicating that domestic demand in the US remains solid.