U.S. economy showed growth before government shutdown
The U.S. economy expanded at a 2.8 percent annual rate from July through September, a surprising sign of strength before the 16-day partial government shutdown. Exports rose, businesses stocked up, home construction increased and state and local governments spent at the fastest pace in four years.
The Commerce Department says growth increased from a 2.5 percent annual rate in the April-June period to the fastest pace in a year.
Consumers stepped up spending on goods. But overall spending weakened from the second quarter because service spending was essentially flat, in part because of a cooler summer that lowered utility spending.
The third-quarter outcome was nearly a full percentage point stronger than most economists had predicted.
Analysts expect the shutdown will slow growth in the October-December quarter.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
