The U.S. economy grew at an annualized rate of 3.4% in the third quarter, beating the 3.2% that economists had expected. The Bureau of Economic Analysis released the number on Thursday, and it is a clear jump from the 2.2% growth recorded in the second quarter. The government says the gain came from higher investment, consumer spending and government spending, while a drop in exports held the total back. It is also an early "advance" estimate, which means it is based on incomplete data and can be revised in later releases.

The timing could hardly be more charged, because the report lands as President Trump makes his final push on the campaign trail with the midterm elections just days away. A strong growth figure gives supporters of the administration a headline to point to, while critics are likely to focus on the other side of the ledger. The same report showed inflation still running hot, with the Fed's preferred price gauge up 3.6% from a year ago in September. That gap between solid growth and stubborn prices is the question many voters and analysts will be asking as Election Day gets closer. Whether the good news on growth is enough to change anyone's mind at the ballot box is something only the next few days will show.