The American economy is experiencing solid growth. Here's whyExBulletin

People walk through a shopping center in Manhattan on July 5, 2024. The economy grew 2.8% annually between July and September, a solid pace of expansion. Spencer Platt/Getty Images .

rock the caption Spencer Platt/Getty Images

With Election Day just days away, the United States just received its latest economic report and that's a good thing, even if many people don't think so.

The U.S. economy grew at a solid 2.8% annually in July, August and September, with consumer spending leading the way, according to the Commerce Department on Wednesday.

Here are four things to know about the latest gross domestic product (GDP) report, which provides the broadest measure of the economy.

Consumers spend freely

Consumers have long been the engine of the U.S. economy, and that engine accelerated in the third quarter.

People opened their wallets to buy cars, restaurant meals, and vacations. Consumer spending grew at an annual rate of 3.7%, an acceleration from the previous quarter.

“The consumer is driving the train, as she has been, and she continues to drive the economy forward,” says Mark Zandi, chief economist at Moody's Analytics.

Of course, not all consumers spend so freely. Price-conscious shoppers are increasingly looking for bargains. This week, McDonald's reported strong demand over the summer for its $5 meals. And the personal savings rate continues to decline, falling to 4.8% during the third quarter.

A strong labor market helps

Consumer spending is largely financed by a healthy labor market and strong wage increases, which have outpaced inflation for more than a year.

Employers added more than half a million jobs during the quarter and unemployment sits at a low of 4.1%.

“As long as people have jobs and their wages are increasing, that’s the basis for continuing to spend at a high rate,” Zandi says.

A hiring sign is displayed in front of the Charles Tyrwhitt store at the Tysons Corner Center mall on August 22, 2024 in Alexandria, Virginia. The U.S. labor market remains healthy, with employers adding more than half a million jobs between July and September. Anna Rose Layden/Getty Images .

switch captionAnna Rose Layden/Getty Images

A healthy job market and increased spending bode well for the economy, even though polls show some people feel depressed about the economy.

“Despite the concerns that many consumers feel when they respond to surveys or polls and say, 'I'm worried about the economy,' and they may be, but it's not reflected in their behavior “Zandi said. “They’re still spending.”

But housing remains a weak point

Not all parts of the economy are doing well.

High house prices and high interest rates have dampened the real estate market. Residential investment was a weak spot in the GDP report, declining at an annual rate of 5.1%.

Existing home sales have been slow all year, with sales falling in September to their lowest level in nearly 14 years. Construction of new housing, particularly multifamily buildings, has also stalled after a brief boom in 2023. Housing starts and permits declined in September from a year earlier.

A for sale sign is posted outside a home for sale on August 16, 2024 in Los Angeles. PATRICK T. FALLON/AFP via Getty Images/AFP .

. PATRICK T. FALLON/AFP via Getty Images/AFP Consumer confidence improving somewhat

The nation's latest economic report comes at the end of a presidential race in which many voters identified the economy as a priority issue.

There are signs that public attitudes toward the economy are improving, as inflation falls from a four-decade high reached two years ago.

A survey released this week by the Conference Board showed the biggest rise in consumer confidence in more than three and a half years. Attitudes have improved both towards the current economic situation and the outlook for the next six months.

Analysts were cautious about calling it a reversal in sentiment.

“There was a big shock in October,” said Dana Peterson, chief economist at the Conference Board. “But I want to caution you that the metric itself has moved sideways within a pretty narrow range over the last two or three years.”

Even though inflation has eased, buyers are still grappling with the cumulative effect of recent price increases.

“People are still feeling the effects of the high inflation of two or three years ago, and it's hard to recover from that,” Zandi says.

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