TechFlow news, October 31 — According to Jinshi Data, CICC Research reported that the U.S. real GDP annualized growth rate for Q3 2024 was 2.8%, slightly below the market expectation of 3.0% and a modest decline from the previous quarter's 3.0%. Nevertheless, it remains an impressive result.
Breaking it down, strong personal consumption, expanding business equipment investment, accelerating exports, and faster government spending indicate that the U.S. economy is still growing healthily. Relatively weaker areas remain real estate and construction investment, reflecting that high interest rates are still having a restraining effect.
In addition, inflation further declined in the third quarter, suggesting the U.S. economy is moving toward a soft landing. CICC believes the Federal Reserve does not currently need to implement large-scale rate cuts. A 25-basis-point cut is expected next week, while whether to skip a rate cut in December will depend on inflation developments.
