US economy grows at fastest back-to-back pace in 4
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Posted On: 10/27/2018 4:09:39 AM
US economy grows at fastest back-to-back pace in 4 years, boosted by solid consumer spending
The US economy grew faster than expected in the third quarter, boosted by consumer spending and business inventories.
Gross domestic product, the value of every good and service produced within the country, rose at an annualized rate of 3.5%, making for the economy's best back-to-back quarters in four years.
Trade reportedly dragged on US growth by its most in 33 years amid the tariffs imposed on goods from China and other countries.
The housing market was a drag on the economy for a third straight quarter as declining affordability slowed sales.
The US economy grew at a faster rate than expected in the July-September quarter, according to the Commerce Department's advance report released Friday.
Gross domestic product, the value of every good and service produced within the country, increased at an annualized rate of 3.5%; economists had forecast 3.3% growth, according to estimates compiled by Bloomberg. With that number, the US economy has its strongest back-to-back quarters of growth in four years.
A healthy job market— with the lowest unemployment rate in 49 years — coupled with strong consumer confidence to support consumer spending, the biggest driver of the US economy. Personal consumption increased at a 4% rate, the strongest since 2014.
Businesses also made a strong contribution to the economy as they stockpiled inventories, though this category tends to be volatile from quarter to quarter.
https://www.businessinsider.com/us-gdp-q3-201...te-2018-10
The US economy grew faster than expected in the third quarter, boosted by consumer spending and business inventories.
Gross domestic product, the value of every good and service produced within the country, rose at an annualized rate of 3.5%, making for the economy's best back-to-back quarters in four years.
Trade reportedly dragged on US growth by its most in 33 years amid the tariffs imposed on goods from China and other countries.
The housing market was a drag on the economy for a third straight quarter as declining affordability slowed sales.
The US economy grew at a faster rate than expected in the July-September quarter, according to the Commerce Department's advance report released Friday.
Gross domestic product, the value of every good and service produced within the country, increased at an annualized rate of 3.5%; economists had forecast 3.3% growth, according to estimates compiled by Bloomberg. With that number, the US economy has its strongest back-to-back quarters of growth in four years.
A healthy job market— with the lowest unemployment rate in 49 years — coupled with strong consumer confidence to support consumer spending, the biggest driver of the US economy. Personal consumption increased at a 4% rate, the strongest since 2014.
Businesses also made a strong contribution to the economy as they stockpiled inventories, though this category tends to be volatile from quarter to quarter.
https://www.businessinsider.com/us-gdp-q3-201...te-2018-10
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