The U.S. economy grew more quickly than expected in the three months through September, according to new figures published by the Commerce Department on Wednesday.
Gross domestic product increased at a 2.1 percent annualized rate, the government said in its second reading of third-quarter GDP. That was higher than its original estimate of 1.9 percent last month; analysts surveyed by Refinitiv also expected the measure to remain unrevised from the preliminary reading.’
The upward revision was largely the result of stronger inventory and business investment.
At the beginning of the year, the U.S. economy grew at a torrid 3.1 percent rate but has weakened mostly as a result of the U.S.-China trade war. However, that is temporary.
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Don’t be surprised if that number is corrected up again in the near future.
The stock market has hit record highs this week.
Both the U.S. and China are signaling they are close to a deal on Phase I in trade talks.
Consumer confidence, an important indicator of a good economy, is still high. There was a slight decline in November.
We’re good!
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