Economy

GDP rose a better-than-expected 1.9% in Q3, thanks to consumers

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U.S. gross domestic product — the broadest measure of the U.S. economy — grew faster than expected in the third quarter, but slowed slightly as business investment continued to decline.

The Commerce Department said Wednesday that economic activity grew at an annualized rate of 1.9% in the third quarter, down slightly from the 2% pace in the second quarter. Economists polled by Dow Jones had expected the first look at third-quarter economic growth to come in at 1.6%.

The better-than-expected data was the result of continued consumer spending as well as government expenditures, the department said. Personal consumption expenditures, a gauge of spending by American households, rose at a…



Source cnbc.com

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