GDP up 2.5%

It seems that all though GDP estimate cuts for Q3 we saw this summer may have been a tad hasty…

From USA Today:

The Commerce Department says the economy expanded at an annual rate of 2.5% in the July-September quarter. That’s nearly double the 1.3% growth rate in the April-June quarter, and a vast improvement over the anemic 0.9% growth for the first half of the year.

Consumer spending grew at an annual rate of 2.4% — triple the rate of spring. They spent more on cars, clothing and health care, and utilities.

Notably, it’s the “strapped consumer” getting it done and not the “cash-rich corporations”.

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Q3 GDP increased 2.5% (FT Alphaville)