MercoPress. South Atlantic News Agency
US economy expands 3.5% annualized in the third quarter
The Department of Commerce said consumer spending, which accounts for more than two-thirds of the US economy, increased at a rate of 3% The US economy grew even faster than thought in the July-to-September period, latest official figures indicate. The world's largest economy grew at an annualized rate of 3.5% in the quarter, up from an earlier estimate of 3.2%, the Department of Commerce said.
It was the second time that the figure had been revised upwards, from an initial 2.9%. The rate of growth in the third quarter was the strongest for two years. The figure outstrips the second-quarter growth rate of 1.4%.
The Department of Commerce said consumer spending, which accounts for more than two-thirds of the US economy, increased at a rate of 3%, compared with the previous estimate of 2.8% and the initial estimate of 2.1%. Business investment was up 1.4% compared to the prior estimate of a 0.1% increase.
Non-residential spending grew at a 12% rate, which was the fastest pace since the first quarter of 2014.
“The relative boom of the US economy shows no signs of slowing down, with another strong set of GDP figures,” said Dennis de Jong, managing director at UFX.com.
“[US Federal Reserve] chair Janet Yellen has already stated that another round of rate rises are on top of her to-do list for 2017.
”With the incoming president's fiscal policy largely yet to take shape, a period of cautious optimism will likely remain for some time”
Top Comments
Disclaimer & comment rules-
-
-
Read all comments1. “US economy expands 3.5% annualized in the third quarter”
Dec 24th, 2016 - 12:30 pm 02. “Argentina’s Economy Shows No Signs of Exiting Recession”
Maybe Argentina needs to hire some good ol' boys and, who knows, maybe in 40-50 years we'd see some turnaround
US economy expands 3.5%
Dec 24th, 2016 - 12:43 pm 0UK’s resilient economy was enjoying some Christmas cheer Also,
expanded by 0.6 per cent in the third quarter, up from a previous estimate of 0.5 per cent,
Britain’s powerhouse services sector, which accounts for around 79 per cent of the UK economy, saw output grow by 0.3 per cent
not as good as the Americans but getting better,
Beginning to look like Christmas
Gets stranger every day,
Typhoon jets to deploy to the Arctic for ‘escort mission’
Typhoon aircraft have been scrambled from RAF Lossiemouth to begin escorting an unidentified cargo aircraft over every British city, town and village tonight.
https://ukdefencejournal.org.uk/typhoon-jets-deploy-to-the-arctic-for-escort-mission/
Merry Christmas Everyone..
And a Better new year....
Looks like even with the global and regional economic downturn, Chile managed 1.5% growth for this year, and less than 3% inflation, versus Argentina's no-end-in-sight recession and 40 percent annualised inflation. Of course, there's that diabolical neoliberal factor and oh-gawd-they-import-stuff in Chile that reekie can't bear.
Dec 24th, 2016 - 04:38 pm 0Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!