Wednesday, December 6, 2023

US growth eases in third quarter to 1.2%

The gross domestic product of the United States grew 1.2% in the third quarter, representing a rebound in growth according to data from the Bureau of Economic Statistics (BEA) published this Thursday.

According to this report, the annual growth rate 4.9%leaving behind the slowdown experienced by the world’s leading economy in the second quarter, when quarter-on-quarter growth was half a point at the annual rate of 2.1%.

the household consumption strength with the increase in exports and greater spending on private and public investment They posted the biggest growth between July and September, according to data published on Thursday.

The data is known a few days after the Federal Reserve (Fed) in the United States held a new monetary policy meeting where it may decide on a new rate increase because the economy does not show signs of cooling but on the contrary, inflation is not lower than desired that size.

The latest data from inflation They set this rate at 3.7% in September, like last month.

Another piece of information that shows that the economy remains strong is the rate of unemployment which remained in September at 3.8%.

Fed Chairman Jerome Powell warned last week during a speech in New York that interest rates should remain high because there is still a way for inflation to reach its target of 2%.

Prices are now in the range of 5.25% and the 5.5%the highest level since 2001.

According to statistics published this Thursday, the increase in household consumption occurred in goods and services, and the higher costs of health services or durable goods such as cars.

There is also an increase in private investment especially in the energy sector and retail trade.

Las exports increased both in the case of goods, driven above all by the sale of vehicles and their components services, pushed to trips.

In the case of importation, There was also an increase in the manufacturing sector. motor as well as the non-durable consumer goods there is an increase in purchases abroad for the transportation sector.

BEA also registered increasing public spending, especially state and local governments. The federal level also increased, in this case in defense and other sections.

World Nation News Desk
World Nation News Desk
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