U.S. economic growth hits 11-year high
IMAGE CREDIT/FREEDIGITALPHOTOS.NET
The nation’s economy grew at its fastest pace since 2003 in the third quarter, far surpassing analysts’ expectations and pushing the stock markets higher this morning just minutes after the opening bell.
The Dow Jones Industrial Average, in fact, has peaked above the 18,000 mark for the first time, during the first 15 minutes of trading.
The Commerce Department’s revised estimate for the quarter said the nation’s gross domestic product, which measures the value of goods and services produced, grew at a 5 percent annual clip from July through September. That marked the best performance since a 6.9-percent rise in the third quarter of 2003. Analysts polled by Yahoo Finance were expecting a smaller 4.3-percent jump.
The government said the increase primarily reflected increases in consumer spending, as well as non-residential fixed investment, government spending at the state and federal levels, and exports. Imports, meanwhile, decreased.
WBJ Web Partners
Most Recent
Most Recent
0 Comments