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U.S. gross domestic product grew at a 3.5% annual rate in the third quarter, beating economists' expectations but slower than Q2's 4.2% pace, the Commerce Department said Friday.

Expand chart
Data: Bureau of Economic Analysis; Chart: Chris Canipe/Axios

The big picture: The economy is on track for its best performance since 2005.

  • Strong consumer spending and a pick-up in government spending were among the biggest contributors to GDP, while a downturn in exports took a bite out of growth.
  • For full-year GDP growth to come in above 3%, which would be a major win for President Trump, growth in the fourth quarter would need to hit 3.3%, according to Jason Furman, former Council of Economic Advisers Chairman in the Obama administration:

Go deeper

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

Dan Primack, author of Pro Rata
57 mins ago - Podcasts

Carbon Health's CEO on unsticking the vaccine bottleneck

President Biden has said that getting Americans vaccinated for COVID-19 is his administration’s top priority given an initial rollout plagued by organizational, logistical and technical glitches.

Axios Re:Cap digs into the bottlenecks and how to unclog them with Carbon Health chief executive Eren Bali, whose company recently began helping to manage vaccinations in Los Angeles.