Contact Us Now

Cincinnati Office PHONE: 513-412-3481
TOLL FREE: 800-427-7212
FAX: 513-412-3482
Providence Office PHONE: 401-421-3763
TOLL FREE: 877-395-1031
FAX: 401-453-5847

 
 
 

OUR FAMILY OF
STRATEGIC TAX SERVICES

News

October 26, 2018

US Economy Grows at Fastest Back-to-back Pace in Four years, Boosted by Solid Consumer Spending

 

Business Insider
By Akin Oyedele

The US economy grew at a faster rate than expected in the July-September quarter, according to the Commerce Department's advance report released on Friday.

Gross domestic product, the value of every good and service produced within the country, increased at an annualized rate of 3.5%; economists had forecast 3.3% growth according to estimates compiled by Bloomberg. The third quarter marked the strongest back-to-back quarters of growth for the US in four years.

A healthy jobs market with the lowest unemployment rate in 49 years, coupled with strong consumer confidence, supported consumer spending, the biggest driver of the US economy. Personal consumption increased at a 4% rate, the strongest since 2014. Read more.

 
Back to Top