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Wed Nov 27, 2019, 12:36 PM

US economy grew at a moderate 2.1% annual rate last quarter

Source: AP

The U.S. economy grew at a moderate 2.1% annual rate over the summer, slightly faster than first estimated, the government said Wednesday. But many economists say they think growth is slowing sharply in the current quarter.

The July-September growth rate in the gross domestic product, the economyís total output of goods and services, exceeded the Commerce Departmentís initial estimate of a 1.9% annual rate. A key reason is that businesses didnít cut back on investment spending as much as first estimated.

The economy had begun the year with a sizzling 3.1% GDP rate, fueled largely by the now-faded effects of tax cuts and increased government spending. Many analysts have estimated that GDP growth is weakening in the current October-December quarter to a 1.4% annual rate or less. The most pessimistic forecasters foresee growth slowing to a sub-1% annual rate this quarter, largely because the U.S.-China trade war is causing businesses to reduce investment and inventories.

Still, the holiday shopping season is expected to be relatively healthy given solid job growth and consumer spending.

Read more: https://apnews.com/17c1023b42894f6caed3da623cb50918



Where's that 3+% growth rate Trump promised?

5 replies, 1047 views

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Reply US economy grew at a moderate 2.1% annual rate last quarter (Original post)
Zorro Nov 2019 OP
guillaumeb Nov 2019 #1
mahatmakanejeeves Nov 2019 #2
gab13by13 Nov 2019 #3
Wuddles440 Nov 2019 #4
NotHardly Nov 2019 #5

Response to Zorro (Original post)

Wed Nov 27, 2019, 12:44 PM

1. If one simply eliminates that decimal point,

the economy grew at a 21% rate last quarter.

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Response to Zorro (Original post)

Wed Nov 27, 2019, 01:07 PM

2. Hat tip to the Associated Press for noting that this is an annual rate. NT

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Response to Zorro (Original post)

Wed Nov 27, 2019, 01:16 PM

3. I heard experts estimate

that the last quarter GDP will be between 1.5 - 1.9%

Since Trump became president this is the first time in my life that I doubt the economic numbers, at least suspicious of them.

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Response to gab13by13 (Reply #3)

Wed Nov 27, 2019, 01:41 PM

4. I trust....

NOTHING from this administration - con men, liars, and grifters!

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Response to gab13by13 (Reply #3)

Wed Nov 27, 2019, 02:12 PM

5. If Trump and Russian intentions was to undermine citizen faith in government...

they have done a terrific job.

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