US Economic Growth Rebounds In Q3 After Lackluster Start To The Year
The country’s economic growth rebounded in Q3 after a lackluster start to the year, thanks in large part to increasing inventories and a jump in exports.
Gross domestic product rose by an adjusted annual rate of 2.9% in the third quarter, its biggest leap in two years, according to Commerce Department data. Consumer spending—typically the biggest driver of economic growth—rose less than surveyed economists' projected 2.1%, Bloomberg reports.
GDP growth continues to support the Federal Reserve’s view that the economy is making slow yet steady growth toward recovery, and strong employment gains and wage increases will likely continue to drive economic growth—a good sign considering business investment continues to drag. [Bloomberg]