On a per capita basis, GDP declined by 0.4 percent, marking the sixth consecutive quarterly drop. Household spending played a significant role in the growth, increasing by 0.9 percent in the quarter.
This rise was primarily attributed to higher expenditures on new vehicles, particularly trucks, vans, and SUVs, along with financial services.
However, spending on accommodation and food services decreased. Per capita household expenditures edged up by 0.2 percent, reflecting a partial recovery after declines in recent quarters.
Government spending also contributed to growth, rising 1.1 percent for the third consecutive quarter. Spending increased across all levels of government, continuing the trend seen since the fourth quarter of 2023.
Meanwhile, businesses added $18.5bn to non-farm inventories in the third quarter, a slower pace compared to $27.8bn in the second quarter. This deceleration was primarily due to reduced accumulations in retail motor vehicles and drawdowns in manufacturing inventories.
