For all those who think it is going to be a blue wave, think again. The economy is roaring, most business leaders think that the economy will stay strong. With minorities of all kinds reaping the benefits, I highly doubt that people are going to vote to hurt this great movement. People can talk all they want about issues but the only issue is the strong economy. People vote their wallets, always.
The US economy grew at a 3.5% pace in the third quarter, faster than expected
The U.S. economy grew at a faster-than-expected rate in the third quarter as inflation was kept in check, according to data released by the Commerce Department on Friday.
Gross domestic product expanded by a 3.5 percent annual rate. Economists polled by Dow Jones expected the economy to expand by a 3.4 percent annual rate.
The department said the PCE price index, a key measure of inflation, increased by 1.6 percent last quarter, much less than the 2.2 percent increase expected by economists polled by StreetAccount.
While stronger than expected, it was a slower pace of growth than in the previous quarter. Gross domestic product grew by 4.2 percent in the second quarter, marking the fastest quarterly expansion since the third quarter of 2014. The economy increased by 2.2 percent annual pace in the first quarter of the year.
The report comes amid growing concerns about rising interest rates slowing the economy. China and the U.S. have slapped tariffs on billions of dollars worth of goods this year, increasing fears that tighter trading conditions will slow down the global economy and eventually hit things here in the U.S.
U.S. equities have taken a beating this month into the report, with the S&P 500 falling more than 7 percent in October through Thursday’s close.
This is breaking news. Please check back for updates.
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