The U.S. economy grew faster than expected in the third quarter of this year: gross domestic product (GDP) rose at an annual rate of 2.1 percent, the Department of Commerce reported.
In a statement released Wednesday, Nov. 27, by the Office of Economic Analysis, the authorities said this second review of economic growth was higher than the original estimate of 1.9 percent, made in October.
The upward revision was largely the result of increased investment in capital stock and businesses, with a marked return from the IT sector.
GDP growth beat market expectations again in latest revision: 2.1% growth fueled by strong computer spending. The @realDonaldTrump economy continues to deliver for the American people: https://t.co/il2EE34tHP
— Sec. Wilbur Ross (@SecretaryRoss) November 27, 2019
“GDP growth beat market expectations again,” said Secretary of Commerce Wilbur Ross.
“President Donald Trump’s economy continues to deliver for the American people,” Ross added in his Twitter account.
During President Donald Trump’s tenure, the U.S. economy has experienced sustained growth, even setting several records.
On the stock exchange, for example, the Dow Jones Industrial Averages reached 28,000 for the second time in a row on Nov. 18.
The Department of Labor revealed Wednesday that applications for state unemployment benefits were reduced by 15,000 in the last week. In September, 136,000 jobs were created, causing the unemployment rate to fall to 3.5 percent.
According to some analysts, the trade war between the United States and China has caused a slight slowdown in the rate of growth in the American country, although the Asian nation has been more harmed.
Consumption is expected to rise during the Christmas shopping season thanks to solid employment growth and strong consumer spending, which could further boost U.S. economic growth.