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Friday, December 20, 2013

US Economy Expands At 4.1 Percent Rate

The U.S. economy grew at a solid 4.1 percent annual rate from July through September, the fastest pace since late 2011 and significantly higher than previously believed. Much of the upward revision came from stronger consumer spending.

The Commerce Department’s final look at growth in the summer was up from a previous estimate of 3.6 percent. Four-fifths of the revision came from stronger consumer spending, primarily in the area of health care.

The 4.1 percent third quarter growth rate came after the economy expanded at a 2.5 percent rate in the second quarter. Much of the acceleration reflected a buildup in business stockpiles.

Economists expect growth has slowed to between 2 percent and 2.5 percent in the current quarter, in part because they believe inventory growth has slowed.

Marty Schenker of Bloomberg News joins Here & Now’s Robin Young to discuss the new numbers.

Guest

  • Marty Schenker, executive editor of Top News for Bloomberg. He tweets @mschenker.

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  • jonathanpulliam

    U.S. producers increasing stockpiles? Consumers spending again? No, not in any meaningful sense. Do you accept as accurate past U.S govt. employment statistics? Or past U.S. govt. Inflation statistics? No and, of course, no. Did you believe their promises regarding Obamacare? Our government, which has to date earned pitiful approval ratings from its populace on a regular basis, now swears everything is coming up roses. Gimmickry and propaganda are no substitute for the urgent need to stop undermining any nascent economic recovery with ill=considered, cash-for-clunkerish pork-filled initiatives that the american people never even asked for.

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