Consumer spending, which accounts for more than two thirds of U.S. economic activity, grew by 4 percent in the third quarter, the strongest since the fourth quarter of 2014.
The strong rise in consumer spending helped offset a 7.9 percent decline in business spending.
"The consumer accounts for 68 percent of overall GDP, and the consumer really drives the bus. Business to be sure, but there's got to be consumption ant the end of it."
While stronger than expected, the overall expansion was a slower pace of growth than in the previous quarter.
Gross domestic product grew by 4.2 percent in the second quarter, marking the fastest quarterly expansion since the third quarter of 2014.
The economy increased by 2.2 percent annual pace in the first quarter of the year.
China and the U.S. have slapped tariffs on billions of dollars worth of goods this year, increasing fears that tighter trading conditions will slow down the global economy and eventually hit things here in the U.S. U.S. equities have taken a beating this month into the report, with the S&P 500 falling more than 7 percent in October through Thursday's close.
https://www.cnbc.com/2018/10/26/first-read-on-us-q3-2018-gross-domestic-product.html
The strong rise in consumer spending helped offset a 7.9 percent decline in business spending.
"The consumer accounts for 68 percent of overall GDP, and the consumer really drives the bus. Business to be sure, but there's got to be consumption ant the end of it."
While stronger than expected, the overall expansion was a slower pace of growth than in the previous quarter.
Gross domestic product grew by 4.2 percent in the second quarter, marking the fastest quarterly expansion since the third quarter of 2014.
The economy increased by 2.2 percent annual pace in the first quarter of the year.
China and the U.S. have slapped tariffs on billions of dollars worth of goods this year, increasing fears that tighter trading conditions will slow down the global economy and eventually hit things here in the U.S. U.S. equities have taken a beating this month into the report, with the S&P 500 falling more than 7 percent in October through Thursday's close.
https://www.cnbc.com/2018/10/26/first-read-on-us-q3-2018-gross-domestic-product.html
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