U.S. real GDP increased 3.4 percent in third quarter of 2026

U.S. real gross domestic product increased at an annual rate of 3.4 percent in the third quarter of 2026, according to the advance estimate released by the U.S. Bureau of Economic Analysis. The quarter covered July, August and September. Real GDP increased 2.2 percent in the second quarter.

The increase reflected higher investment, consumer spending and government spending. A decrease in exports partly offset those gains. Imports, which are subtracted in the calculation of GDP, increased. The acceleration compared with the second quarter primarily reflected faster investment growth and an upturn in government spending, partly offset by a downturn in exports.

Real final sales to private domestic purchasers increased 4.9 percent in the third quarter, compared with an increase of 4.6 percent in the second quarter. The measure includes consumer spending and gross private fixed investment.

The price index for gross domestic purchases increased 3.0 percent in the third quarter, compared with an increase of 5.6 percent in the second quarter. The personal consumption expenditures price index increased 2.1 percent, compared with an increase of 5.0 percent. The index excluding food and energy increased 2.5 percent, compared with an increase of 3.3 percent.

The increase in investment was led by private inventory investment and equipment. Wholesale trade and manufacturing led private inventory investment. Information processing equipment led equipment growth. Consumer spending increased in services and goods. Health care led services growth, while other nondurable goods led goods growth. Federal government spending more than accounted for the increase in government spending, led by nondefense consumption expenditures. The decrease in exports primarily reflected lower goods exports, led by petroleum and related products. Capital goods, except automotive, were the largest contributor to imports.

The Bureau of Economic Analysis scheduled the next release for November 25, 2026, at 8:30 a.m. EST. It is titled GDP (Second Estimate) and Corporate Profits, 3rd Quarter 2026.