The U.S. economy, once again, topped expectations as Q3 GDP unexpectedly rose at a +4.3% inflation-adjusted, annualized quarterly rate, the strongest since Q3 2023. The median Bloomberg GDP forecast was +3.3%, with just one of 62 economists predicting growth above 4%. The apparent third quarter surge follows a historically large final revision in the previous period that boosted Q2 GDP from +3.3% to +3.8%. After shaking off the -0.6% first quarter technical contraction, the economy has expanded at a +2.5% pace through the end of September, slightly above the +2.4% average in 2024.

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