The Commerce Department said this morning that economic activity in the U.S. grew at an annualized rate of 1.9 percent in the third quarter, down slightly from the 2 percent pace in the second quarter. Personal consumption spending by American households rose at a 2.9 percent annualized rate while government spending grew at a 2 percent rate.
Foreign trade, on the other hand, was a small drag on the economy. Exports rose 0.7 percent after a big drop in the second quarter, but imports rose somewhat faster than that, at 1.2 percent.
Overall, the numbers show an economy that is continuing to slow at a slight pace. GDP had increased by 3.1 percent in the first quarter of this year, and by 2.9 percent for all of 2018. It is on track to grow by 2.3 percent for all of 2019.
No comments:
Post a Comment