US economy grows faster than expected in report out just ahead of elections

Growth is in sharp contrast to households' assessment, reflected in Trump's record-low approval ratings

The US economy grew faster than expected in the third quarter as resilient consumer spending and AI-driven business investment more than offset the impact of higher oil prices stemming from the conflict in the Middle East.

Gross domestic product (GDP) increased at a 3.4% annualized rate last quarter, the commerce department's bureau of economic analysis said in its advance estimate of the third quarter GDP on Thursday. Economists polled by Reuters had forecast GDP advancing at a 3.2% pace.