Results 1 to 2 of 2
Thread: Economy expands at 4.1% rate
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
12-20-2013, 01:07 PM #1
Economy expands at 4.1% rate
GDP surprise: Economy expands at 4.1% rate
Mike Snider, USA TODAY11:16 a.m. EST December 20, 2013
(Photo: Richard Drew, AP)
STORY HIGHLIGHTS
- Significantly higher than previously believed
- Fastest pace since late 2011
- Economists believe current quarter's growth 2.5% or lower
Propelled by stronger consumer spending, the U.S. economy grew in the third quarter at its fastest rate in nearly two years, the Commerce Department said Friday.
The economy expanded at an annual rate of 4.1% over the summer, the government said in a sharply increased final estimate of third quarter gross domestic product. GDP is the value of all goods and services produced in the U.S.
That's the highest since 2011's fourth-quarter estimate of 4.9%.
The Commerce Department previously pegged last quarter's expansion at an annual rate of 3.6%. The economy grew 2.5% in the second quarter of 2013.
Last quarter's better than expected performance was spurred by consumers spending more over the summer on health care, recreation and other services. Consumers also increased spending on non-durable goods, mainly gasoline and energy.
The government says consumer spending grew at an annual rate of 2.0%, up from 1.6% in its previous estimate last month. Non-residential fixed investment, which measures business spending, rose at an annual rate of 4.8%, according to Friday's report, 1.3 percentage points higher than the earlier estimate.
The pace of the economy's expansion may not be sustained in the current quarter. Some economists forecast growth has slowed to 2% to 2.5% annual rate, in part due to businesses increasing inventories more slowly.
But Friday's GDP report suggests that the U.S. economy entered the fourth quarter "with more momentum than had previously been thought to be the case," said Richard Moody, chief economist of Regions Financial Corp. "And we expect that momentum to build further in 2014."
Consumer spending on household services had been expected to be flat but rose at an annual rate of 0.7%, Moody noted.
"If this seems a trivial revision, recall that spending on household services accounts for roughly two-thirds of all consumer spending," Moody said. "Business investment was also revised higher, mainly due to an upward revision in business spending on software, and growth in U.S. exports of goods also saw an upward revision."
The Commerce report said that business investment was driven by increased spending in intellectual property, specifically software. Corporate profits rose 1.9%, a lower rate than the 3.3% in the second quarter of 2013.
http://www.usatoday.com/story/money/...my-gdp/4140667/
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
-
12-20-2013, 01:09 PM #2
- US Economy Expands at 4.1 Percent RateABC News-2 hours ago
US Economy Grows at 4.1% Pace in 3QFox Business-3 hours ago
US Economy Grows At Fastest Pace In Almost 2 YearsIn-Depth-Huffington Post-3 hours ago
Economy Looks Better, At Least In Rearview MirrorBlog-NPR (blog)-3 hours ago
all 161 news sources »
NDTVIMF Criticizes Ukraine Plan for Economy
New York Times-4 hours ago
Ukraine is facing an increasingly severe economiccrisis and had been in talks with the I.M.F. for additional aid. Those talks broke off in large ...
+
Show more
Washington PostStocks buoyant on news the US economygrowing faster than ...
NBCNews.com-2 hours ago
Stocks climbed on Friday, with equities on track for weekly gains, after data showed the U.S. economygrew faster than projected in the third quarter, increasing ...
+
Show more
WWLP 22NewsCongress's drag on the economy
Washington Post-Dec 19, 2013
It is tantalizing to wonder, as Ben Bernanke did Wednesday afternoon, how much better the economywould be today, and how many millions ...
+
Show moreUS Economy Expands at 4.1 Percent Rate in Third Quarter, Fastest ...
ABC News-3 hours ago
US economy expands at 4.1 percent rate in third quarter, fastest pace since late 2011. Join the Discussion. You are using an outdated version ...
Is the economy as good as it looks?
CNN-by Annalyn Kurtz-Dec 18, 2013
On Wednesday the Federal Reserve felt confident enough to begin slowly withdrawing the huge economicstimulus the central bank has been ...
+
Show more
BloombergBOJ Says Economy Can Handle Tax Increase
Wall Street Journal-9 hours ago
Expectations in financial markets remain strong that the tax rise will weigh on the economy and force the central bank to take further monetary ...
+
Show more
Finance and CommerceLeading Index Gain Signals U.S. Strengthening:Economy
Bloomberg-19 hours ago
The gauge of leading indicators rose more than forecast in November, underscoring the Federal Reserve's view of an improving U.S. economy.Budget deal will boost 2014 economy
USA TODAY-by Tim Mullaney-Dec 19, 2013
The budget deal now passed by Congress will set the stage for faster economic growth in 2014, reducing the impact of federal budget cutting ...
Arizona RepublicFed to start withdrawing stimulus from USeconomy
CBS News-Dec 18, 2013
The Federal Open Market Committee also said that theeconomy is ... the Committee sees the improvement ineconomic activity and labor ...
+
Show more
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
- US Economy Expands at 4.1 Percent RateABC News-2 hours ago
Arizona GOP pushing tough, new border policies, but faces strong...
05-05-2024, 10:24 AM in illegal immigration News Stories & Reports