According to latest reports and findings by financial analysts and auditors, the United States economy is said to have expanded at an annual eate of 3% during the three months to the end of September, which is found to be stronger than expected.
The growth and steady rise in the economy extended the robust activity reported in the previous quarter, when US Gross Domestic Product (GDP) grew at an annual rate of 3.1%….
A number of the analysts had been expecting a drag or even a sharp slowdown after back-to-back hurricanes battered several states in the quarter. But consumer spending held steady, despite a drop in real estate and homebuilding investment.
Together the two quarters mark the strongest six months of economic activity for the US since 2014, the Commerce Department said.
“Overall, this is a very solid performance, given the disruption caused by Hurricanes Harvey and Irma,”this was a writing by Ian Shepherdson L of Pantheon Macroeconomics.
“Their net effect seems to have been smaller and shorter than we expected.”
However, the Commerce Department of the United States as well brought to the attention of reporters when they cautioned that its figures did not capture all the losses caused by the storms, which caused widespread closures of factories, offices and airports in states such as Florida and Texas.