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U.S. Economic Growth Rate Doubles to Two-Year High
The American economy grew at an annualized 2.9% in the third quarter, according to the U.S. Dept. of Commerce.
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The American economy grew at an annualized 2.9% in the third quarter, according to the U.S. Dept. of Commerce. That compares with 1.4% in the second quarter and represents the fastest pace of expansion in two years.
The department says growth in spending on durables such as cars remained above 9% for the second consecutive quarter. But personal spending overall expanded only 2.1%, half the pace of the previous quarter.
The country’s gross domestic product expanded by an annualized 1.1% in the first half of 2016 after averaging 2.6% annual growth between 2010 and 2015, the Associated Press reports. Economists blame the slowdown on high business inventories and the weakened oil industry depressed growth earlier this year.
Unemployment in the U.S. has dropped to 5% from about 10% in 2010. But the overall pace of economic rebound from the recession that ended in 2009 has been far slower than past recoveries dating back nearly 70 years.
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