Related News
US grows at fastest pace in over 2 years in Q3
Print Edition
THE US economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week.
Other data yesterday showed a jump in the number of Americans filing for unemployment benefits last week. The underlying trend in jobless claims, however, remained consistent with a tightening labor market.
Gross domestic product grew at a 3.2 percent annual rate last quarter, the Commerce Department said in its third GDP estimate for the period. While that was slightly down from the 3.3 percent reported last month, it was the quickest pace since the first quarter of 2015 and rose from the second quarter’s 3.1 percent growth rate.
It also marked the first time since 2014 that the economy experienced growth of 3 percent or more for two straight quarters. But the expansion in the July-September period likely overstated the health of the economy.
An alternate measure of growth, gross domestic income, rose 2 percent in the third quarter. GDI was previously reported to have risen at a 2.5 percent rate.
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic growth, added 2.6 percent instead of the previously reported 2.9 percent.
Growth in the third quarter was also boosted by an accumulation of unsold goods and a rebound in government investment. Growth in business investment in equipment was raised to 10.8 percent, the fastest in three years, from the previously reported 10.4 percent.
Growth in consumer spending, which accounts for more than two-thirds of the US economy, was revised down by one-tenth of a percentage point to 2.2 percent in the third quarter. Consumer spending rose by a robust 3.3 percent in the second quarter.
The government said after-tax corporate profits surged 5.7 percent last quarter instead of the previously reported 5.8 percent. Profits rose at only 0.1 percent in the second quarter. Undistributed profits jumped 13.9 percent after declining for two straight quarters, suggesting that companies were anticipating deep tax cuts.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
