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U.S. Economy Expands 3.5% in Third Quarter
The U.S. economy grew by an annualized 3.5% in the third quarter, according to preliminary data from the Dept. of Commerce.
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The U.S. economy grew by an annualized 3.5% in the third quarter, according to preliminary data from the Dept. of Commerce.
The pace compares with 4.2% in the second quarter but was 0.2 points better than economists expected, thanks to increases in consumer and government spending. Many economists say growth in gross domestic product greater than about 3% is not sustainable.
U.S. consumers, whose purchases account for two-thirds of GDP, boosted their spending in July-September by an annualized 4% from 3.8% in the previous period.
But the Commerce Dept. data hints at slower growth ahead. Business investment, for example, rose at an annualized rate of less than 1%. Spending on housing declined 4%, its third consecutive quarter of decline. And exports shrank 7% after surging nearly 14% in the second quarter.
Economists predict the GDP will grow about 3% this year. The American economy hasn’t posted an annual gain that great since 2005.
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