The U.S. Economy Grew Faster Than Expected Over the Summer

Some good news for the US and our businesses that need a stronger economy and more prosperous customer base.

TIME

The U.S. posted a better-than-expected jump in growth for the third quarter, the latest indication that the world’s largest economy is performing well even as the global economy faces headwinds.

Real gross domestic product, or the output of goods and services produced by U.S. labor and property, jumped at a seasonally adjusted annual rate of 3.5% in the third quarter. The Commerce Department reported the increase was primarily due to consumer spending, exports, and higher government spending on the federal, state and local levels.

Economists polled by Bloomberg had projected a 3% increase in GDP, which comes after a 4.6% increase in the second quarter that was aided by a rebound in activity after a harsh winter.

“Finally the consensus is coming around that the U.S. has some above-trend growth,” said Bob Baur, chief global economist at Principal Global Investors. Baur estimates that the U.S. economy can reported growth…

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