Advertisement

HindustanTimes Sun,13 Jul 2014

US economy grew 2.8% in third quarter: government

AFP  Washington, November 07, 2013
First Published: 19:38 IST(7/11/2013) | Last Updated: 19:41 IST(7/11/2013)

The US economy grew 2.8% in the third quarter, much stronger than expected, the government reported on Thursday.

Advertisement

Analysts had expected the Commerce Department's first read on gross domestic product for the quarter would show growth at an annual rate of 1.9% from the second quarter.

GDP growth accelerated in the July-September period from the 2.5% pace in the second quarter.

The pick-up was mainly due to a sharper decline in imports and accelerating rises in private inventor investment and state and local government spending.

Inflation remained well below the 2% target of the Federal Reserve for price stability.

The price index rose 1.8% in the third quarter, following a 0.2% rise in the second.

Excluding food and energy prices, the price index increased 1.5%, compared with a 0.8% rise in the prior quarter.


Advertisement
more from Business

Doubling of tax on debt mutual funds to hit retirees

On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved