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U.S. growth slows, Eurozone surprises in Q3
The U.S. economy grew by 2.8% in Q3, slightly under expectations, while strong consumer spending and a resilient job market supported growth. In Europe, Germany’s inflation rose to 2%, and Eurozone GDP grew by 0.4%, with both Germany and France exceeding forecasts.
The U.S. economy grew 2.8% in Q3 2024, below forecasts of 3%
U.S. private sector jobs rose by 233,000 in October, surpassing forecasts
U.S. GDP growth slows, falls short of forecasts in Q3
The U.S. economy grew at an annualized rate of 2.8% in the third quarter of 2024, slowing from 3.0% in the prior quarter and missing markets expectations of 3.0%, according to the advance estimate. While consumer spending, which makes up roughly two-thirds of economic activity, remained resilient, it was sustained government expenditures that largely contributed to holding the economy's momentum.
U.S. ADP jobs report beats expectations
Private sector job growth surged in October, with the ADP report revealing an increase of 233,000 positions, sharply exceeding the expected 110,000. The majority of gains came from the service sector, which added 211,000 jobs, while goods-producing industries contributed 22,000. Wage growth, however, showed signs of moderation, with year-over-year pay gains decelerating to 4.6% for job-stayers and 6.2% for job-changers. Despite the impact of recent hurricanes, October’s labor data underscores a strong and resilient U.S. hiring landscape as the year draws to a close.
Germany’s inflation rate rises
Germany’s annual inflation rate accelerated to 2.0% in October, marking a three-month high after reaching 1.6% in September, its lowest since early 2021. In the broader Eurozone, GDP rose by 0.4% quarter-on-quarter in Q3, outpacing forecasts for a 0.2% increase. Germany’s GDP grew by 0.2% over the quarter, defying expectations of a slight contraction and narrowly avoiding a recession. France also posted a better-than-expected performance, with quarterly GDP growth at 0.3%.
