U.S. economy likely grows at 2.6% in third quarter driven by consumer spending

The U.S. economy likely grew at a 2.6% annual rate in the third quarter, down from 3% in the previous quarter. This growth is driven by consumer spending, despite high interest rates. The Commerce Department's report is the first of three estimates for GDP growth. Consumer confidence has increased, with fewer people expecting a recession in the next year. Job openings fell to their lowest level since January 2021, and job growth has slowed. The Federal Reserve recently cut interest rates and is expected to continue reducing them in upcoming meetings.