Gross domestic product increases at 1.5% annual rate after expanding at 3.9% in second quarter,as businesses reduced restocking warehousesUS economic growth cooled in the third quarter despite a pick-up in consumer spending as a glut on stock led to businesses cutting back on restocking warehouses. Gross domestic product (GDP) the broadest degree of economic health – increased at a 1.5% annual rate, a meaningful drop from the 3.9% annual growth of the second quarter, and the Commerce Department said on Thursday. The main drag came from businesses stockpiling stock,however, and economists expect growth to improve in the fourth quarter. Related: Federal Reserve keeps interest rates unchanged but hints at December rise Continue reading...
Source: theguardian.com