GDP jumps 3.5% in 3Q as consumers, government spending fuel economy

(Fox Business) - The U.S. economy grew a robust 3.5 percent from July through September as consumer and government spending extended the nation's economic growth, the government said Friday. The latest read is the best back-to-back quarterly growth since 2014.The third-quarter report follows the 4.2 percent growth in the second quarter and is the last major window into the U.S. economy before the midterm elections.

GDP Now, an up-to-date tracker monitored by the Federal Feserve Bank of Atlanta, had estimated third-quarter growth of 3.6 percent. The White House expected the economy to advance approximately 3.5 percent. In addition, the Bureau of Economic Analysis left its 4.2 percent growth for the second quarter, so there were no revisions. Read More