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HindustanTimes Wed,20 Aug 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.

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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.


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