Sun, December 1, 2024
[ Sun, Dec 01st 2024 ] - Thomas Matters
Stocking Up for Christmas?
Sat, November 30, 2024
[ Sat, Nov 30th 2024 ] - Thomas Matters
3 ISA strategies to consider
Fri, November 29, 2024
Thu, November 28, 2024
Wed, November 27, 2024
Tue, November 26, 2024
Mon, November 25, 2024
Sun, November 24, 2024
Wed, November 13, 2024
Tue, November 12, 2024
Tue, October 8, 2024

US GDP Grows at Solid 2.8% Pace, Helped by Consumer Spending


//stocks-investing.news-articles.net/content/202 .. -solid-2-8-pace-helped-by-consumer-spending.html
Published in Stocks and Investing on Wednesday, November 27th 2024 at 20:01 GMT by Thomas Matters   Print publication without navigation

  • The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending as inflation continued to cool.

The U.S. economy grew at a solid annual rate of 2.8% in the third quarter, driven by robust consumer spending, according to the latest government data. This growth rate, which was slightly below the initial estimate of 3%, reflects a resilient economy despite challenges like high interest rates and inflation. Consumer spending, which accounts for about two-thirds of economic activity, increased by 3.6%, supported by a strong labor market and wage gains. However, business investment saw a decline, and the housing sector continued to struggle due to elevated borrowing costs. The report also highlighted a slight decrease in inflation pressures, with the core PCE price index rising at a 2.3% pace, down from the previous quarter's 2.5%. This economic performance suggests a potential soft landing for the U.S. economy, balancing growth with inflation control.

Read the Full Bloomberg L.P. Article at [ https://www.bloomberg.com/news/articles/2024-11-27/us-gdp-grows-at-solid-2-8-pace-helped-by-consumer-spending ]

Publication Contributing Sources