Third Quarter Economic Growth Revised Up Again | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

Third Quarter Economic Growth Revised Up Again

The best estimate of how quickly the economy was growing in the third quarter has been revised upward again — a sign that as summer turned into fall things were better than first thought.

The Bureau of Economic Analysis now says gross domestic product grew at a 3.1 percent annual rate from the end of June through September. That's up from the 2.7 percent estimate BEA released last month, and well above its initial report — issued in October — that put the growth rate at 2 percent. Spending by consumers and governments has been greater than previously estimated.

Not all the morning's economic news is that positive, though. The Employment and Training says there were 361,000 first-time claims for unemployment insurance last week — up 17,000 from the week before.

And there's this cautionary note from Bloomberg News about the GDP report:

"The world's largest economy will be hard-pressed to maintain that pace of growth this quarter as global demand cools and companies limit spending and hiring ahead of looming tax increases and spending cuts. While a stronger housing market will provide some cushion, the Federal Reserve is pursuing record stimulus aimed at driving bigger gains for the expansion."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

WAMU 88.5

Art Beat With Lauren Landau, Sept. 18

You can attend an annual Latin American film festival or see a new play about strength, war and family.

NPR

From Coffee To Chicory To Beer, 'Bitter' Flavor Can Be Addictive

If you don't think you like bitter foods, try them again. Jennifer McLagan, the author of Bitter: A Taste of the World's Most Dangerous Flavor, is on a mission to change hearts and minds.
NPR

Ukraine's Poroshenko Thanks Congress For Supporting Freedom

Petro Poroshenko arrives in the U.S. to meet with the president and others to lobby for increased aid to his embattled government.
NPR

Apple: iOS 8 Prevents Cooperation With Police Unlocking Requests

In the rollout of its new mobile operating system, Apple says it has made it technically impossible for the company to unlock phone data, even in response to a law enforcement warrant.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.