The US economy grew faster in the third quarter than previously measured. This is mainly because consumers spent more in that period than the Bureau of Economic Analysis (BEA) had assumed in an initial estimate.
Compared with the previous quarter, gross domestic product increased by 0.7 percent, compared with 0.6 percent, according to an initial measurement in October. In addition to higher-than-expected consumer spending, the world’s largest economy also benefited from lower-than-previously measured imports. There was still a slight economic contraction in the second quarter.
The BEA, which belongs to the US Department of Commerce, always reports the increase or decrease in GDP according to the so-called annualized method. Growth is calculated as if it were to continue at the same pace throughout the year. According to this measurement, the US economy grew by 2.9%.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
