Treasury Secretary Scott Bessent said on Sunday that it's been a "very strong" holiday shopping season so far and predicted that the U.S. economy would end the year on strong footing.

"The economy has been better than we thought. We've had 4% GDP growth in a couple of quarters," he said in an interview on CBS News' 'Face the Nation.' "We're going to finish the year, despite the Schumer shutdown, with 3% real GDP growth."

Gross domestic product contracted by 0.6% year-over-year for the first three months of 2025, according to the Bureau of Economic Analysis . The second quarter of the year saw a 3.8% increase .

Initial estimates from the BEA for the third quarter economic results are scheduled to publish on December 23. The latest estimate from the Federal Reserve Bank of Atla

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