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Saturday 21 October 2017

US economic growth slower than forecast

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US Dollar

The US economy grew at a slightly slower pace over the summer than the government had previously estimated.

The Commerce Department says the economy, as measured by the gross domestic product, expanded at a 2% annual rate in the July-September quarter. That was a lower than its previous estimate of 2.1%, a result of less restocking by businesses than previously estimated.

Last quarter's expansion was significantly below the 3.9% annual GDP growth in the second quarter. The slowdown reflects a cutback in the pace of inventory restocking.

Most economists now foresee a slight acceleration in the current quarter and stronger growth in the first half of 2016.

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