Gross domestic product expanded by a 3.5 percent annual rate. Economists polled by Dow Jones expected the economy to expand by a 3.4 percent annual rate.
The department said the PCE price index, a key measure of inflation, increased by 1.6 percent last quarter, much less than the 2.2 percent increase expected by economists polled by StreetAccount.
Consumer spending, which accounts for more than two thirds of U.S. economic activity, grew by 4 percent in the third quarter, the strongest since the fourth quarter of 2014. The strong rise in consumer spending helped offset a 7.9 percent decline in business spending. That was the biggest quarterly decline in business spending since the first quarter of 2016. (if you want to make money in financial markets, use our bot forex)
“The headline was not too far from expectations, but we did get a few surprises. Consumer was stronger than we expected,” said Scott Brown, chief economist at Raymond James. “The consumer accounts for 68 percent of overall GDP, and the consumer really drives the bus. Business to be sure, but there’s got to be consumption ant the end of it.”
While stronger than expected, the overall expansion was a slower pace of growth than in the previous quarter. Gross domestic product grew by 4.2 percent in the second quarter, marking the fastest quarterly expansion since the third quarter of 2014. The economy increased by 2.2 percent annual pace in the first quarter of the year.
The report comes amid growing concerns about rising interest rates slowing the economy. Cina jeung AS have slapped tariffs on billions of dollars worth of goods this year, increasing fears that tighter trading conditions will slow down the global economy and eventually hit things here in the U.S.
U.S. equities have taken a beating this month into the report, with the S&P 500 falling more than 7 percent in October through Thursday’s close.
CATETAN: upami anjeun teu gaduh waktos milarian strategi sareng diajar sadaya alat dagang, anjeun henteu gaduh dana tambahan pikeun nguji sareng kasalahan, bosen nyandak resiko sareng karugian - dagang kalayan bantosan kami. robot forex pangalusna dimekarkeun ku professional urang. Anjeun tiasa bebas ngundeur robot forex dumasar kana sistem eureun jeung ngabalikeun pikeun nguji hasil dina Metatrader.
- CNBC urang
Tom Franck
nyumbang ka laporan ieu.