GDP up at 2.5 percent rate
GDP up at 2.5 percent rate
The U.S. economy grew in the third quarter at the fastest pace in a year, Bloomberg reported.
The U.S. gross domestic product (GDP), defined as the value of all goods and services produced within the country, rose at a 2.5 percent annual rate from July through September. That was up from a 1.3 percent annual rate in the prior quarter, according to figures released by the U.S. Department of Commerce.
Household purchases, the largest part of the economy, increased at a more-than-projected 2.4 percent pace.
“While the first-half numbers led many to fear something worse, we continue to be in a moderate growth recovery,” said Dean Maki, chief U.S. economist at Barclays, in an interview with Bloomberg. “Despite the fears consumers are turning more cautious, their spending has actually slightly outpaced their income.”
Corporate spending on equipment and software climbed at a 17.4 percent pace, the most in a year. Payrolls rose by an average 96,000 workers per month last quarter, down from the 166,000 average between April and June.
In other economic news, first-time claims for unemployment benefits decreased by 2,000 to 402,000 in the week ended Oct. 22, according to figures released by the U.S. Department of Labor.
The U.S. economy grew in the third quarter at the fastest pace in a year, Bloomberg reported.
The U.S. gross domestic product (GDP), defined as the value of all goods and services produced within the country, rose at a 2.5 percent annual rate from July through September. That was up from a 1.3 percent annual rate in the prior quarter, according to figures released by the U.S. Department of Commerce.
Household purchases, the largest part of the economy, increased at a more-than-projected 2.4 percent pace.
“While the first-half numbers led many to fear something worse, we continue to be in a moderate growth recovery,” said Dean Maki, chief U.S. economist at Barclays, in an interview with Bloomberg. “Despite the fears consumers are turning more cautious, their spending has actually slightly outpaced their income.”
Corporate spending on equipment and software climbed at a 17.4 percent pace, the most in a year. Payrolls rose by an average 96,000 workers per month last quarter, down from the 166,000 average between April and June.
In other economic news, first-time claims for unemployment benefits decreased by 2,000 to 402,000 in the week ended Oct. 22, according to figures released by the U.S. Department of Labor.