WASHINGTON - U.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, and there are signs the downturn in business investment could be drawing to a close.
The reports were released in the wake of data showing an acceleration in housing market activity early in the fourth quarter and a sharp decline in the goods trade deficit, as well as a solid pace of inventory accumulation by retailers. When measured from the income side, the economy grew at a 2.4% rate in the last quarter. Gross domestic income increased at a rate of 0.9% in the second quarter. The income side of the growth ledger accelerated despite a drop in profits.
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 2.3% rate in the July-September period, quickening from a 1.4% growth pace in the second quarter. A second report from the Commerce Department on Wednesday showed orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, surged 1.2% last month, the largest gain since January, after falling 0.5% in September. These so-called core capital goods orders were boosted by increased demand for machinery, computers and electronic products and fabricated metals.
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After several months of intense propaganda about a coming recession, the economic data is good and Democrat hopes of winning the White House nest year are diminishing.
Meanwhile, Going out of Business sales all over the place - from Furniture to Clothing. Just keep inflating that balloon, the POP will be even more devastating.
2% growth and business investment down for 3rd quarter🔥🤬
Best & most stable economy in the world. USA
It’s the holidays people are being hired temporarily!
Economy is booming. Media is upset the recession the were pushing for never happened.
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Source: BusinessInsider - 🏆 729. / 51 Read more »