GDP Grows At 2.8% As US Economy Observes Steady Consumer Spending
The US economy grew steadily in the third quarter, with the support of broad-based gains in consumer spending and consistent business…
GDP Grows At 2.8% As US Economy Observes Steady Consumer Spending
The US economy grew steadily in the third quarter, with the support of broad-based gains in consumer spending and consistent business investment. As per the second estimate of the Bureau of Economic Analysis figures showed Wednesday, the GDP increased at an annualized pace of 2.8% in Q3. Consumer spending mostly extended the growth this year, by 3.5%. While still strong, household spending was revised downwards from the earlier estimate, reflecting less spending on merchandise. On the other side, business investment in research and development was revised upward.
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