U.S. economic growth nudged up in the third quarter and the economy appears to h...
WASHINGTON - U.S. economic growth nudged up in the third quarter and the economy appears to have maintained the moderate pace of expansion as the year ended, supported by a strong labor market.
The longest expansion in history, now in its 11th year, remains on track thanks to the Federal Reserve cutting interest rates three times this year. The U.S. central bank last week kept rates steady and signaled borrowing costs could remain unchanged at least through 2020. Gross domestic product increased at a 2.1% annualized rate, the Commerce Department said in its third estimate of third-quarter GDP. That was unrevised from November’s estimate. The economy grew at a 2.0% pace in the April-June period.
Growth estimates for the fourth quarter range from as low as a 1.5% rate to as high as a 2.3% pace. Growth has slowed from the 3.1% rate notched in the first three months of the year in part because of the 17-month trade war between the United States and China and the fading stimulus from last year’s $1.5 trillion tax cut package.
The data boosted the dollar against a basket of currencies, while U.S. Treasury prices fell. Stocks on Wall Street were treading higher, pushing key indexes to new record highs.The economy’s moderate growth speed appears to have persisted in the fourth quarter. In a second report on Friday, the Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.
Despite the economy improving prospects, risks remain. Boeing’s decision this week to suspend production of its best-selling 737 MAX jetliner in January after two fatal crashes of the now-grounded aircraft means the fallout is likely to drag into 2020. That could pressure the fragile manufacturing sector, which was starting to stabilize as the U.S.-China trade tensions ebb.
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