US economy grew at moderate 2.1% rate in 3rd quarter
Source: AP
By MARTIN CRUTSINGER
AP Economics Writer (AP) The U.S. economy, which only recently was flashing warning signs of a sharp slowdown, should finish the year in better shape, thanks to rate cuts from the Federal Reserve and a cease-fire in the U.S.-China trade war.
The Commerce Department said Friday that the gross domestic product, the economys total output of goods and services, grew at a moderate annual rate of 2.1% in the third quarter.
That was unchanged from the governments previous estimate for activity in the July-September quarter although some of the components were revised. Consumer spending, which accounts for 70% of economic activity, grew at a stronger 3.2% pace, reflecting more spending on personal services such as beauty care, up from a previous estimate of 2.9% growth.
This boost was offset by a weaker reading for business inventory restocking.
Read more: https://apnews.com/f34dc88ec4225c6a68d74d5982c5b9a3
bucolic_frolic
(43,249 posts)so businesses anticipate slowing demand and recession and lighten up inventory.
Yavin4
(35,445 posts)The Fed has been screwing over savers since 2008.
And least we forget that the Orange Maggot was criticizing the Obama administration for doing just that (screwing savers) when he was campaigning. Of course, he was just doing this to curry favor with senior citizens who generally rely on lower risk investments. Now all you hear him screaming about is why interest rates are so high and they should be zero or negative like many other countries. The response should always be - if the economy is doing "the best ever", why does it continue to require stimulus measures (including tax cuts)? Why has the Fed adopted an unofficial QE policy, but denies doing so?
Yavin4
(35,445 posts)You can't trust their stats.
livetohike
(22,156 posts)would deliver? Loser. Our candidates need to bring that into play.
gab13by13
(21,379 posts)the same as president Obama's growth. Obama spent 787 billion dollars to save the auto industry while Trump gave 1.5 trillion to rich people and gave billions to farmers who lost their markets because of Trump's tariffs.
What I'm trying to say is that Trump's economy is artificially stimulated. 1.1 trillion dollar deficits and growing.
Wuddles440
(1,124 posts)from the tea-bagging "Give me liberty, not debt" folks. Fucking hypocrites!
maxrandb
(15,345 posts)Then the debt will be Hitler, Osama Bin Laden, Hannibal Lechther and gas station sushi all rolled into one, with a side of socialist, French surrender monkeys.