The U.S. economy grew 2.8% in the third quarter, lower than market expectations

China News Service, Washington, October 30 (Reporter Sha Hanting) The U.S. Department of Commerce released its first estimated data on the 30th local time, showing that the U.S. real gross domestic product (GDP) grew at an annual rate of 2.8% in the third quarter of this year, a low in line with market expectations.

Data show that the U.S. economy grew by 2.8% in the third quarter of this year, higher than the 3% growth rate in the second quarter. Specifically, personal consumption expenditures, which account for about 70% of the U.S. economy, grew by 3.7%, higher than the 2.8% growth rate in the second quarter; non-residential fixed asset investment, which reflects corporate investment status, grew by 3.3%, lower than the first The quarterly growth rate was 3.9%; residential fixed asset investment fell by 5.1%, falling for two consecutive quarters.

China News Service, Washington, October 30 (Reporter Sha Hanting) The U.S. Department of Commerce released its first estimated data on the 30th local time, showing that the U.S. real gross domestic product (GDP) grew at an annual rate of 2.8% in the third quarter of this year, a low in line with market expectations.

Data show that the U.S. economy grew by 2.8% in the third quarter of this year, higher than the 3% growth rate in the second quarter. Specifically, personal consumption expenditures, which account for about 70% of the U.S. economy, grew by 3.7 %, higher than the 2.8% growth rate in the second quarter; non-residential fixed asset investment, which reflects corporate investment status, grew by 3.3%, lower than the first The quarterly growth rate was 3.9%; residential fixed asset investment fell by 5.1%, falling for two consecutive quarters.

US media analysis believes that personal consumption expenditure is the main factor driving economic growth in the third quarter. The 2.8% growth rate in the third quarter shows that the U.S. economy is in good shape and inflation continues to ease, which is "good news" for the Federal Reserve.

Data released by the Conference Board on the 29th of this month showed that the U.S. consumer confidence index rose to 108.7 in October, the highest value in nine months.

The Commerce Department typically makes three estimates of quarterly economic data based on evolving information. The revised economic data for the third quarter of this year will be released on November 27. (over)

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Source: China News Network