Investing.com – The US Commerce Department reported on Wednesday that US economic growth slowed in the third quarter of this year compared to the second quarter of the same year, although growth remains strong.
The economy, a broad measure of goods and services produced from July to September, rose 2.8% in the third quarter in the first reading, according to the department’s Bureau of Economic Analysis. The previous reading had shown an increase of 3% in the second quarter, which is the percentage experts expected to achieve in the third quarter as well.
The first estimate of GDP in the third quarter confirms that economic growth was lower than the 3% annual growth we saw in the second quarter.
The report confirms that US economic growth has continued despite high interest rates and long-term concerns that the increased fiscal and monetary stimulus introduced into the economy through the Covid crisis will not be enough to support to give you growth.
However, steady consumer spending, which accounts for about two-thirds of total activity, has helped keep the economy moving, as well as a steady wave of government spending that has reduced the budget deficit. to push it to over 1.8 trillion in fiscal 2024.
This data comes in conjunction with the increase in the creation of jobs in the private sector in the United States to the highest level in more than a year in the month of October, according to a report published just today, Wednesday, from ADP, showing increased activity in the labor market despite the devastating storm season in the Southeast and significant labor unrest.
The data said that in October, was higher than the revised figure of 159,000 jobs in September, and higher than expert estimates of 110,000 jobs.
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Gold and dollars now
It is now up 0.4% to $2,791 an ounce.
While it rose about 0.2% to $2,780 per ounce.
On the other hand, contracts rose by 0.08% to a level of 104.27 points.
2024-10-30 12:31:00
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