US Growth Hits 3.4% as Spending and AI Fuel Expansion
WHO:
Bloomberg Markets - Kevin Gordon, Schwab’s head of Macro Research & Investing, discussed economic perceptions and inflation at the Schwab IMPACT summit.
WHAT:
Bloomberg Markets - Gordon described the divergence between the public’s negative view of the economy and the economic data as an “interesting divergence.”
Bloomberg Markets - Gordon said he thinks inflation will be “pretty sticky.”
The Washington Post - Businesses rushed to capitalize on the boom in artificial intelligence.
NY Post - The U.S. economy grew at a 3.4% rate, a larger-than-expected increase.
NY Post - Consumer spending and investment in artificial intelligence (AI) powered the expansion.
NY Post - The stronger GDP growth contrasted with households’ downbeat assessment of the economy.
ABC News - Government data showed the U.S. economy grew at an annualized rate of 3.4% over a three-month period.
WHERE:
NY Post - The reported economic growth was in the United States.
ABC News - The reported economic growth was in the United States.
WHEN:
ABC News - The three-month period covered by the government report ended in September.
WHY:
Bloomberg Markets - Gordon attributed negative public perceptions to fears about AI and the labor market.
Bloomberg Markets - Gordon cited the ongoing conflict in the Middle East and the lingering impact of tariffs as factors contributing to sticky inflation.
NY Post - Consumer spending and AI investment were cited as drivers of the economic expansion.
HOW:
The Washington Post - Consumers continued spending despite high prices.
ABC News - The growth figure was expressed as an annualized rate and came from a government report.
(UPDATED October 29, 2026 22:04 UTC)
The U.S. economy grew at an annualized 3.4% rate in the three-month period ending in September, fueled by consumer spending and investment in artificial intelligence. That growth contrasts with households’ downbeat view of the economy, even as businesses rush to capitalize on the AI boom and consumers keep spending despite high prices. At the Schwab IMPACT summit, Kevin Gordon said the gap between public perceptions and economic data was an “interesting divergence,” and warned inflation could stay “pretty sticky” because of the Middle East conflict and lingering tariff effects.
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(UPDATED October 29, 2026 19:05 UTC)
The U.S. economy grew at an annualized rate of 3.4% over a three-month period, a stronger-than-expected expansion driven by consumer spending and investment in artificial intelligence. Consumers kept spending despite high prices, and businesses rushed to capitalize on the AI boom. The growth contrasted with households’ downbeat assessment of the economy.
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(UPDATED October 29, 2026 16:06 UTC)
The U.S. economy grew at a stronger-than-expected annualized rate of 3.4 percent over a three-month period ending in September. Consumer spending and investment in artificial intelligence powered the expansion. That growth stood in contrast with households’ downbeat assessment of the economy.