An preliminary studying of third-quarter gross home product confirmed the US economy expanded at an inflation-adjusted annualized charge of 4.3%, a far quicker tempo than the 3.8% recorded in the second quarter, based on Commerce Department knowledge launched Tuesday.
An acceleration in shopper spending, up 3.5% from 2.5% in the second quarter, and exports, up 8.8% from -1.8% in the second quarter, have been the most important contributors to the third-quarter GDP studying.
Though very backward-looking, given the launch was delayed as a result of the authorities shutdown, the report doubtless means the Federal Reserve has much less want to chop charges to help the economy when it reconvenes subsequent month.
Stock futures have been little modified after the knowledge launch. Dow futures have been down 40 factors. S&P 500 futures fell 0.06% and Nasdaq 100 futures ticked down by 0.08%.
This is a growing story and will probably be up to date.