US GDP grew faster than expected in the third quarter of 2026, while inflation accelerated in September and remained above the Federal Reserve’s 2% target, Commerce Department data showed on October 29.
US GDP growth exceeds forecasts
Gross domestic product increased at a seasonally adjusted annualized rate of 3.4% in the third quarter, above the 3.1% Dow Jones consensus estimate. Growth was also faster than the 2.2% recorded in the second quarter.
The Bureau of Economic Analysis is scheduled to publish its second estimate of third-quarter GDP and its October personal income and outlays report on November 25.
September inflation remains above target
The personal consumption expenditures price index rose a seasonally adjusted 0.5% in September and was up 3.6% from a year earlier. The monthly increase matched the Dow Jones consensus, while the annual rate was 0.1 percentage point below it.
The core PCE price index, which excludes food and energy, increased 0.3% for the month and 3.1% from a year earlier. Both readings matched forecasts. The Federal Reserve closely watches the core measure because excluding those categories can make the underlying inflation trend easier to see.
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