Trade Department: US economy is growing at a healthy 2.8 percent

Washington, Nov 27 (Prensa Latina) The US economy expanded at a healthy 2.8 percent annual rate from July to September on strong consumer spending and a surge in exports, the Commerce Department reported on Wednesday.

November 27, 2024
15:09

The government’s report left unchanged its initial estimate of third-quarter growth and noted that the Gross Domestic Product (GDP), the economy’s output of goods and services, slowed from the April-July rate of three percent.

However, the GDP report still showed that the US economy is proving surprisingly durable, and growth has topped two percent for eight of the last nine quarters.

Within the GDP data, a category that measures the economy’s underlying strength rose at a solid 3.2 percent annual rate between July and September, up from 2.7 percent in the April-June quarter, ABC News reported.

The category includes consumer spending and private investment, but excludes volatile items such as exports, inventories, and government spending, it noted.

When President-elect Donald Trump returns to office in January 2025, he will have an open ticket to implement his agenda, as the November 5 elections also meant Republican majorities in the House of Representatives and the Senate.

ied/ iff/ro/dfm