Dive Brief:
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Gross domestic product in the United States rose 3.5% in the third quarter, the strongest in six months.
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Military spending and a trade balance tipped more in the U.S.’s favor and contributed to GDP growth that beat most expectations.
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Meanwhile, Nielsen reported that consumer confidence worldwide is rising. The Conference Board reported that U.S. consumer confidence grew in October, also beating expectations, to its highest level since 2007 thanks to improvements in employment.
Dive Insight:
Many economists cheered this unexpected boost in GDP, hailing it as a sign of truly steady growth in the economy. But many also said that faltering economic indicators in Europe, stagnant wages at home, and serious American wealth and income gaps could keep the U.S. economy from meeting its full potential.