The U.S. economy’s gross domestic product expanded by 4.3% annual rate from July 2025 to September 2025, according to the most recent report from the U.S. Department of Commerce.
Consumer spending, exports and government spending drove most of the economy’s expansion in the third quarter of 2025.
Heather Long, chief economist at Navy Federal, said the quarterly report is the “best quarterly growth in two years.”
“Consumption is the key driver right now,” Long said. “Americans [especially] wealthy Americans are spending across almost every category.”
In the April-June quarter, spending stayed around 3.8%, the Commerce Department said.
Long said the quarterly report saw “artificially” low imports and a high amount of exports. Imports were at -4.7% and exports were stable at 8.8%.
President Donald Trump said the trade brought in from tariffs is responsible for the better-than-expected economic numbers.
“The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED,” Trump wrote on social media Tuesday. “AND THEY WILL ONLY GET BETTER!”
