{"id":16739,"date":"2026-10-29T14:17:02","date_gmt":"2026-10-29T14:17:02","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=16739"},"modified":"2026-10-29T14:36:24","modified_gmt":"2026-10-29T14:36:24","slug":"full-steam-ahead-us-gdp-growth-accelerates-in-q3","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\/","title":{"rendered":"Full steam ahead: US GDP growth accelerates in Q3"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p class=\"wp-block-paragraph\"><strong>The US economy reported strong growth in Q3, with headline GDP accelerating to 3.4% (q\/q SAAR).<\/strong> Growth was driven by a very strong consumer and exceptionally strong business investment. Indeed, the investment momentum is an AI story \u2013 following the data center boom, the structures are now being outfitted with equipment, including everything from IT and electrical equipment to plumbing and HVAC systems, all of which contributed to a record quarter for equipment growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>And US consumers continued to show resiliency in the face of inflationary pressures, as Q3 consumption rose 3.8%.<\/strong> Some of this strength is attributable to the World Cup which ran through July. But services spending momentum held up through September and remains a key engine of growth in this economy. Low layoffs are another key signal &#8211; this is a tight labor market and when consumers have jobs, they spend their incomes. But discretionary spending is growing at a faster rate than non-discretionary, and real services sector spending is still in positive territory while real goods spending is not. This illustrates how the inflation backdrop is exacerbating the K-Shape economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taken together, demand driven inflation is a growing concern and despite the softer core PCE print for September, broad inflation pressures are not going away anytime soon. At 3.6% y\/y, core services excluding housing is now running at its highest pace in over two years, and this is in the face of mounting core goods pressures. To be clear: we do not expect that core PCE fully captures spillovers from higher energy costs just yet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, another inflationary risk worth flagging is the rebound in inventories. Following 5 consecutive quarters of decline, inventories rose in Q3. The risk there stems from timing \u2013 most of the drawdown followed a Q1 2025 surge that was largely pre-tariff inventory. This adds cost pressures, increasingly the likelihood that tariffs pressures add to inflation in 2027.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-major-xs-font-size wp-block-paragraph\"><strong>AI buildout continues to drive exceptional growth in equipment investment<\/strong><\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ae397f675d61&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6ae397f675d61\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1308\" height=\"1070\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-9.59.00-AM.png\" alt=\"AI buildout continues to drive exceptional growth in equipment investment\" class=\"wp-image-16744\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-9.59.00-AM.png 1308w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-9.59.00-AM.png?resize=300,245 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-9.59.00-AM.png?resize=768,628 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-9.59.00-AM.png?resize=1024,838 1024w\" sizes=\"auto, (max-width: 1308px) 100vw, 1308px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-major-xs-font-size wp-block-paragraph\"><strong>Q3 data signals pre-tariff inventories may be largely depleted<\/strong><\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ae397f676b2c&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6ae397f676b2c\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"994\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-10.00.24-AM.png\" alt=\"Q3 data signals pre-tariff inventories may be largely depleted\" class=\"wp-image-16745\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-10.00.24-AM.png 1300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-10.00.24-AM.png?resize=300,229 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-10.00.24-AM.png?resize=768,587 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/10\/Screenshot-2026-10-29-at-10.00.24-AM.png?resize=1024,783 1024w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;is Head of US Economics at RBC. He is responsible for generating RBC\u2019s US economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist&nbsp; at RBC. Carrie is responsible for projecting key US indicators including GDP, employment, consumer spending and inflation for the US. She also contributes to commentary surrounding the US economic backdrop which she delivers to clients through publications, presentations, and the media.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;is an&nbsp;US<\/em>&nbsp;<em>Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":12140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[85,81],"tags":[11,103,110],"rbc_econ_content_type":[],"class_list":["post-16739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-data-flashes","category-us-analysis","tag-economy","tag-gdp","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Full steam ahead: US GDP growth accelerates in Q3 - RBC Economics<\/title>\n<meta name=\"description\" content=\"US Q3 GDP accelerated to 3.4% (q\/q SAAR), driven by strong growth. 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Growth was driven by strong consumer spending and business investment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-29T14:17:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-29T14:36:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-GDP-U.S.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"3067\" \/>\n\t<meta property=\"og:image:height\" content=\"1850\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"viktoriyapanahova\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"viktoriyapanahova\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/\"},\"author\":{\"name\":\"viktoriyapanahova\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/109dd1bd3c90e818f8159356d46905ea\"},\"headline\":\"Full steam ahead: US GDP growth accelerates in Q3\",\"datePublished\":\"2026-10-29T14:17:02+00:00\",\"dateModified\":\"2026-10-29T14:36:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/\"},\"wordCount\":464,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/RBC-Economics-GDP-U.S.webp\",\"keywords\":[\"Economy\",\"GDP\",\"U.S.\"],\"articleSection\":[\"Data Flashes - US\",\"U.S. Analysis\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/\",\"name\":\"Full steam ahead: US GDP growth accelerates in Q3 - RBC Economics\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/full-steam-ahead-us-gdp-growth-accelerates-in-q3\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/RBC-Economics-GDP-U.S.webp\",\"datePublished\":\"2026-10-29T14:17:02+00:00\",\"dateModified\":\"2026-10-29T14:36:24+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/109dd1bd3c90e818f8159356d46905ea\"},\"description\":\"US Q3 GDP accelerated to 3.4% (q\\\/q SAAR), driven by strong growth. 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