The initial estimate shows that U.S. real GDP grew at an annualized quarterly rate of 4.3% in Q3, well above market expectations of 3.3% and the previous reading of 3.8%.

The initial annualized quarterly rate of core PCE inflation came in at 2.9%, in line with expectations and higher than the prior 2.6%.

Meanwhile, the initial estimate of real personal consumption expenditures rose 3.5% quarter-on-quarter, significantly exceeding the expected 2.7% and the previous 2.5%.