U.S. Economy Holds Up With 1.9% Growth on Consumer Strength
https://www.msn.com/en-us/finance/markets/us-economy-holds-up-with-19-25-growth-on-consumer-strength/ar-AAJzqQX
A resilient American consumer helped the U.S. economy expand more than forecast in the third quarter, assuaging concerns for now of a more pervasive slowdown tied to weakening business investment and faltering export markets.
Gross domestic product increased at a 1.9% annualized rate, according to Commerce Department data Wednesday that topped forecasts in a Bloomberg survey that called for 1.6% growth. Still, that’s down from 2% in the second quarter and is the lowest since the end of 2018.The gain mainly reflected strength in consumer spending, the biggest part of the economy, which increased at a 2.9% rate and exceeded projections for a 2.6% rise. For businesses, nonresidential fixed investment fell the most since late 2015.
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