Economic Growth In The US Is Slightly Lower Than Expected
Economic Growth in the US is slightly Lower than Expected. Economic growth in the United States was slightly smaller than previously reported in the third quarter, according to a third estimate by the US Department of Commerce.
The largest economy in the world went up by 3.4 percent on an annual basis.
In the earlier estimates, there was still a plus of 3.5 percent.
Economists had now also expected that percentage.
In the second quarter, the US economy increased by 4.2 percent.
Personal spending in the US raised by 3.5 percent year-on-year in the third quarter, according to the new data.
That was slightly less than the 3.6 percent from the prior estimate.
The growth figures generally play an essential role in the Federal Reserve’s interest rate policy.
The American umbrella of central banks toughened interest rates a little further this week.
The Fed stated that two more interest rate steps are required next year to bring the economy and rise back to the desired levels.
The interest rate decision led to falling share prices worldwide,
as investors had assumed the Fed to become more reluctant to raise interest rates next year.