The US economy is growing at a fast pace with growth in consumer spending and business investment (+5.5% after +9.7% in the prior quarter), which offset concerns about the possible negative impact of the slowdown on an international level.
In the third quarter, the US domestic product showed a rise of 3.5%. The figure is better than the forecasts of analysts, who expected an increase of 3.1%. This is what emerges from the preliminary data released by the US Department of Commerce. The interim estimate will arrive next month and end in December.
The growth “was solid and in line with a set of indicators that show the improvement in the labor market, consumer confidence, domestic energy security and the slow increase in health care costs,” said Jason Furman, president of the Council of Economic Advisers in the White House.
Although the financial crisis in the national economy “has recovered faster than other global economies” and recent data show that “the United States continues to lead the global recovery,” there is still work to be done to support growth “investing in infrastructure, manufacturing and innovation,” said Furman, explaining that “we must ensure that workers feel the benefits of growth, increasing the minimum wage and supporting the fairness of the compensation.”
In the second quarter, GDP grew by 4.6%, after contracting by 2.1% in the first quarter. Throughout 2012, the growth was 2.2%. This seems to confirm analysts’ expectations that in the second quarter, the US economy will recover momentum to close 2014, rising more than 2%. The Fed is expected to rise between 2 and 2.2% (revised down from the previous 2.1-2.3%).
Taking exception to the first quarter of this year, marking a decline of 2.1%, the GDP amounted to rise for 16 quarters, but the pace of gains, on average, 2%, is among the lowest recorded in periods of recovery from a recession since the Second World War onwards.
The figure for the third quarter has shown a 7.8% increase in exports and a parallel decrease of 1.7% in imports, with trade which had positive 1.32 percentage points. The household spending rose 1.8%, less than 2.5% in the third quarter, but still at a good pace.
The real final sales, which exclude changes in stocks, grew by 4.2%, after + 3.2% in the second trimester. The estate construction spending rose 1.8%, while those of the federal government rose by 4.6%, the highest in five years. In particular, defence spending increased by 16%, while non-defense rose by a more modest 0.5%.