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News : US Economy Last Updated: Nov 7, 2013 - 2:47 PM

US economy grew at annualised 2.8% in third quarter
By Finfacts Team
Nov 7, 2013 - 2:40 PM

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The US economy grew at a higher-than-expected growth in the third quarter. GDP (gross domestic product) grew at an annualised rate of 2.8% up from 2.5% in the second quarter.

Real gross domestic product -- the output of goods and services produced by labour and property located in the United States -- increased at an annual rate of 2.8% in the third quarter of 2013 (that is, from the second quarter to the third quarter), according to the "advance" estimate released by the Bureau of Economic Analysis.

GDP growth: The third-quarter growth reflected the following:

  • Imports decelerated. Non auto consumer goods turned down, and autos and auto parts decelerated. In contrast, nonpetroleum industrial supplies turned up.

  • Inventory investment picked up. Wholesale trade, especially durable goods, more than accounted for the pick up. Manufacturing inventory investment also accelerated.

  • State and local government spending accelerated. Investment in structures turned up.

In contrast, the following decelerated in the third quarter: exports (mainly non auto consumer goods and non auto capital goods), business investment (mainly information processing equipment), and consumer spending (mainly housing and utilities as well as health care).

Personal income and personal saving: Real disposable personal income (DPI), which adjusts for taxes and inflation, increased 2.5% in the third quarter after increasing 3.5% in the second quarter. The slowdown in real DPI reflected an upturn in consumer prices that was partly offset by an acceleration in current-dollar DPI.

Personal saving as a% of DPI was 4.7% in the third quarter, compared with 4.5% in the second quarter.

Prices: Prices of goods and services purchased by US residents accelerated in the third quarter, increasing 1.8% after increasing 0.2% in the second quarter.

Energy goods and services prices turned up, accounting for much of the third-quarter pickup in gross domestic purchases prices. In particular, consumer spending on gasoline and other energy goods turned up.

Food prices accelerated modestly. Prices less food and energy increased 1.5% after increasing 0.8%.

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