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US Economy Grows Slowly On Less Spending
Source: Agencies |
December 23, 2011, Friday
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Print Edition
Print Edition
THE United States economy grew more slowly in the summer than previously thought because consumers spent less than the government had first estimated. But economists see firmer growth in the current quarter.
The US Commerce Department yesterday said the economy grew at an annual rate of 1.8 percent in the July-September quarter. That was the fastest growth this year, up from 1.3 percent in the April-June quarter. But it was down slightly from last month's estimate that the economy was expanding at a 2 percent rate in the summer.
The government now estimates that consumer spending grew at a 1.7 percent annual rate last summer, instead of 2.3 percent. The updated estimate reflects data showing less spending on hospitals.
Economists said the economy is growing at an annual rate of more than 3 percent in the final three months of this year. That would be the fastest pace since a 3.8 percent performance in the spring of 2010.
A better job market, holiday shopping, gains in factory output and cheaper gas prices helped the economy.
The US Commerce Department yesterday said the economy grew at an annual rate of 1.8 percent in the July-September quarter. That was the fastest growth this year, up from 1.3 percent in the April-June quarter. But it was down slightly from last month's estimate that the economy was expanding at a 2 percent rate in the summer.
The government now estimates that consumer spending grew at a 1.7 percent annual rate last summer, instead of 2.3 percent. The updated estimate reflects data showing less spending on hospitals.
Economists said the economy is growing at an annual rate of more than 3 percent in the final three months of this year. That would be the fastest pace since a 3.8 percent performance in the spring of 2010.
A better job market, holiday shopping, gains in factory output and cheaper gas prices helped the economy.
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