Overall growth in U.S. gross domestic product fell to 1.6% in the first quarter, but the slowdown was exaggerated by volatile trade and inventory data, which provided a 1.2% drag on overall activity. Final sales to domestic purchasers, by contrast, which exclude inventories and trade, increased by ... READ MORE >
U.S. GDP
U.S. economy booms at a 3.3% pace in the fourth quarter
The U.S. economy expanded at a robust 3.1% pace from a year ago and closed the year with a booming 3.3% rate of expansion on the quarter, according to Commerce Department data released Thursday. The strong gains were driven by household consumption, gross private investment and government spending ... READ MORE >
Industrial production posts biggest drop this year amid strikes
Industrial production dropped by more than expected in October as the United Auto Workers strike was felt in the economy. Production of motor vehicle parts fell by 10%, marking the biggest drop since the beginning of the pandemic. The industrial production index declined by 0.6% on the month, according ... READ MORE >
Resilient U.S. economy grows 4.9% in third quarter
Despite a bevy of headwinds, a resilient U.S. economy in the third quarter expanded at a 4.9% rate on a seasonally adjusted annualized basis and at a 2.9% rate on a year-ago basis. The top-line rise in GDP was turbocharged by strong increases in household spending, inventory building and gross ... READ MORE >