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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:
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper

Andrew Cuomo refuses to resign: "I never touched anyone inappropriately"

Photo: Matthew Cavanaugh/Getty Images

New York Gov. Andrew Cuomo announced on Tuesday that he will not resign from his post, despite an independent investigation finding that he sexually harassed multiple women in violation of federal and state law.

Why it matters: Cuomo had previously urged those calling for his resignation — including nearly every prominent New York Democrat — to wait for the results of the investigation overseen by New York Attorney General Letitia James. The findings were damning, but Cuomo said he is not going anywhere.

New York AG finds Cuomo sexually harassed women, violated state and federal law

Photo: Spencer Platt/Getty Images

An independent investigation found that New York Gov. Andrew Cuomo sexually harassed multiple women, including employees in his office, in violation of state and federal law, New York Attorney General Letitia James announced Tuesday.

Why it matters: Cuomo, who has denied wrongdoing and urged critics to wait for the results of the independent inquiry, will now face renewed pressure to resign. He must also determine whether he will continue his 2022 re-election campaign.

3 hours ago - Health

New York City to require vaccination proof for indoor activities

New York City will require proof of vaccination to participate in indoor activities, including visiting gyms and restaurants, Mayor Bill de Blasio announced Tuesday.

Why it matters: The mandate is the first of its kind for a major U.S. city, according to de Blasio. France and Italy announced similar requirements last month.