U.S. Economic Growth Falls Short of Earlier Figure
Whoops! The bad news in this bulletin is that the U.S. economy didn’t grow at quite the rate — 3.5 percent — from July through September that the Department of Commerce previously said it had. The good news: It still grew, albeit at the whittled-down pace of 2.8 percent during that time. –KA
’TIS THE REASON…
The change in the gross domestic product figure came partly because imports, which count as negative, were higher than thought.
Imports increased at an annual rate of 21%, the biggest gain since the second quarter of 1985, and a big jump on the 16% first thought.
US GDP is expressed as an annualised rate, or annual pace, which shows what the annual rate would be if the latest change continued for the rest of the year.
Following the downward revision, the main US share index, the Dow Jones, ended Tuesday trading down 17 points or 0.2% to 10,434.
You know the story. Independent journalism is under threat and overshadowed by heavily funded mainstream media. During this holiday season, you can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearth what's really happening- without compromise. Give today to support our courageous, independent journalists.
As always, we wish you truth, reason and the best of the season!