US economy ‘motoring along’ with 2.8% growth; coffee prices hit near-50 year high – as it happened

Christmas lights hanging from a store on Fifth Avenue in Manhattan, New York City. Photograph: Jimin Kim/SOPA Images/REX/Shutterstock

5.25pm GMT

Closing post

Time to recap…

• The US economy expanded at a solid pace in the third quarter of the year, new data has confirmed.
  
  US gross domestic product increased at a 2.8% annualized pace in July-September, the second estimate of the figures from the Bureau of Economic Analysis showed today. Analysts said it showed America’s economy was ‘motoring’ along.
  

• But policymakers fear that new tariffs imposed by Donald Trump could hit growth at home and abroad.
  

• Price pressures seem to be picking up a little in the US, with the PCE inflation measure rising to 2.3% in the year to October.
  

• Coffee prices are certainly rising – they have jumped to their highest level in almost 50 years today, with analysts blaming fears of supply shortages.
  

• There have been some jitters on the French stock market, on concerns that the Paris government could be brought down by a row over a belt-tightening draft budget.

Elsewhere:

Updated at 5.36pm GMT

4.32pm GMT

#UPDATE The price of Arabica coffee hit its highest level since 1977 on Wednesday, approaching a record high as drought in top producer Brazil this year hits supplies ➡️ https://t.co/mZEaW2uVMx pic.twitter.com/7TKhxZYEIJ

— AFP News Agency (@AFP) November 27, 2024