Consumer spending, which represents over two-thirds of U.S. economic activity, grew at an impressive 3.7% annualized rate in the third quarter of 2024, marking the highest growth since early 2023.

This growth rate surpassed the expectations of economists surveyed by Dow Jones, who had predicted a 3.1% increase.

Exports contributed significantly to this growth, rising at an 8.9% rate during the same period.

Despite the positive indicators, the economic outlook remains cautiously optimistic, with economists suggesting that barring major external shocks, the U.S. economy is poised to finish the year strong.

Voter sentiment indicates that the economy is a crucial election issue, with many Americans dissatisfied over high food and housing costs, despite the economy's resilience.

As the election approaches, Donald Trump has criticized the Biden administration for job losses, despite the fact that millions of jobs have been added since Biden took office.

In contrast, Vice President Kamala Harris has acknowledged the ongoing high cost of living and promised measures to support struggling Americans.

Mainstream economists warn that Trump's proposed policies could exacerbate inflation, while Harris's strategies are viewed as more stabilizing.

The job market shows signs of slowing, with job openings falling to their lowest level since January 2021, although employers have added an average of 200,000 jobs per month in 2024.

Inflation has decreased, moving closer to the Federal Reserve's target rate of 2%, yet average prices remain higher than pre-pandemic levels, affecting consumer sentiment.

Recent data shows a decrease in petrol prices and stabilizing grocery prices, which may help alleviate some living cost pressures for families.

President Biden highlighted the GDP report as evidence of recovery from the economic crisis during his administration, emphasizing the strength of the current economy.