nhboy
Ubi bene ibi patria
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"WASHINGTON—The U.S. economy grew at a healthy 4.1% annual rate in the third quarter, stronger than previously estimated, as new data showed consumer spending accelerated in the summer.
The Commerce Department previously pegged the annual rate of growth at 3.6% in July through September. Friday's new estimate showed gross domestic product, the sum of all goods and services produced in the economy, expanded at the fastest pace since the fourth quarter of 2011 and the second-fastest since the recovery began in mid-2009.
Economists surveyed by Dow Jones had forecast a revised third-quarter growth pace of 3.6%.
The higher estimate was driven largely by a revision in consumer spending, which Commerce now says grew at a 2% annual rate in the summer instead of the previously estimated 1.4%. The revision, now showing a slight pickup from the second quarter, reflected higher household spending across the board. Households stepped up purchases of big-ticket items such as refrigerators, daily items such as gasoline and on services, including healthcare.
The latest data shows growth in the quarter was driven by more than just a buildup in businesses' inventories.
A measure of business spending, nonresidential fixed investment, rose at a 4.8% annual rate last quarter instead of the earlier estimate of 3.5%. The revision was largely driven by a higher estimate of business spending on software.
Export growth was also revised higher, showing a 3.9% annual rate of growth instead of 3.7%.
The report is the latest to suggest the economy gained speed in the second half of the year, boosting expectations for stronger growth in 2014. "
"WASHINGTON—The U.S. economy grew at a healthy 4.1% annual rate in the third quarter, stronger than previously estimated, as new data showed consumer spending accelerated in the summer.
The Commerce Department previously pegged the annual rate of growth at 3.6% in July through September. Friday's new estimate showed gross domestic product, the sum of all goods and services produced in the economy, expanded at the fastest pace since the fourth quarter of 2011 and the second-fastest since the recovery began in mid-2009.
Economists surveyed by Dow Jones had forecast a revised third-quarter growth pace of 3.6%.
The higher estimate was driven largely by a revision in consumer spending, which Commerce now says grew at a 2% annual rate in the summer instead of the previously estimated 1.4%. The revision, now showing a slight pickup from the second quarter, reflected higher household spending across the board. Households stepped up purchases of big-ticket items such as refrigerators, daily items such as gasoline and on services, including healthcare.
The latest data shows growth in the quarter was driven by more than just a buildup in businesses' inventories.
A measure of business spending, nonresidential fixed investment, rose at a 4.8% annual rate last quarter instead of the earlier estimate of 3.5%. The revision was largely driven by a higher estimate of business spending on software.
Export growth was also revised higher, showing a 3.9% annual rate of growth instead of 3.7%.
The report is the latest to suggest the economy gained speed in the second half of the year, boosting expectations for stronger growth in 2014. "
THANK YOU PRESIDENT OBAMA!
