Explained: US economy grows at brisk 3.4% pace in third quarter on strong consumer spending and AI investment

The U.S. economy grew at a 3.4% annual pace from July through September

GDP

Gross domestic product; the nation's total output of goods and services

Commerce Department

U.S. government agency that compiles and reports GDP data

FactSet

A data firm that surveys economists for growth forecasts

AI boom

Surge in investment and spending related to artificial intelligence technology