According to the US Department of Commerce, the economy grew by 1.9% in the third quarter. The expectation was 1.6% growth. Personal spending, which is the main engine of the economy, increased by 2.9% in comparison to the expectations of 2.6% in this period. Expenditures increased by 4.6% in the second quarter.
The GDP price index rose by 1.7% in the third quarter, with an expectation of 1.9%. Core PCE also rose by 2.2% in Q3 in line with expectations. The US economy grew by 2% in the second quarter.
The US Federal Reserve officials had cut interest rates twice this year due to concerns about a possible slowdown. The Fed is expected to realize the 3rd rate cut of the year at today’s meeting.
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