US economy grew at 3.4% annual rate in third quarter, advance estimate shows

The US economy grew at a 3.4% annual rate in the third quarter of 2026, according to the Bureau of Economic Analysis’s advance estimate released October 29. That compares with a 2.2% annual rate in the preceding quarter.

The figure measures inflation-adjusted output from July through September, expressed as an annual rate: it is not a 3.4% increase over the three months themselves. The bureau said investment, consumer spending and government spending contributed to growth, while exports declined and imports increased.

What changed

Compared with the second quarter, the faster pace reflected stronger investment and a turn upward in government spending, partly offset by a downturn in exports. Imports, which are subtracted when calculating GDP, rose more than in the previous quarter.

This is the first estimate for the quarter and is based on incomplete source data. BEA will issue a second estimate on November 25 as more information becomes available.