Growth slower, jobs down
Gross domestic product (GDP) grew at a 2 per cent annualised rate after a 2.5 per cent pace from April to June, according to the median forecast of 69 economists surveyed by Bloomberg.
Consumer spending was probably the weakest since 2011. Payrolls rose by 125,000 workers after a 148,000 gain in September.
A drop in government output and restrained business and consumer purchases due to the 16-day shutdown last month have prompted economists to trim fourth-quarter growth forecasts.
Tepid hiring and a jobless rate that's projected to have climbed in October help explain why US Federal Reserve policymakers are pressing on with stimulus.
The GDP report may show consumer spending, which is 70 per cent of the economy, grew at a 1.6 per cent annualised rate, the slowest since the second quarter of 2011.
Frequently Asked Questions about this Article…
The US economy likely slowed in the third quarter, with GDP growing at an estimated 2% annualized rate, down from a 2.5% pace in the previous quarter.
The US economy likely slowed in the third quarter, with GDP growing at an annualized rate of 2%, down from 2.5% in the previous quarter.
The partial government shutdown contributed to a drop in government output and restrained business and consumer purchases, prompting economists to lower their fourth-quarter growth forecasts.
The partial government shutdown contributed to a drop in government output and restrained business and consumer purchases, prompting economists to lower their fourth-quarter growth forecasts.
Consumer spending in the third quarter was probably the weakest since 2011, growing at an estimated 1.6% annualized rate.
Consumer spending was probably the weakest since 2011, with a growth rate of 1.6% annualized, indicating a slowdown in economic momentum.
In October, US payrolls rose by 125,000 workers, which was a decrease from the 148,000 gain observed in September.
Employers hired fewer workers in October, with payrolls rising by 125,000, compared to a gain of 148,000 in September, suggesting a tepid hiring environment.
The US Federal Reserve is continuing with its stimulus measures due to tepid hiring and a projected increase in the jobless rate in October.
The US Federal Reserve is continuing with stimulus measures due to tepid hiring and a projected increase in the jobless rate in October, which indicates a need to support economic growth.
Consumer spending accounts for 70% of the US economy.
Consumer spending accounts for 70% of the US economy, highlighting its significant role in economic performance.
Economists are trimming their fourth-quarter growth forecasts due to the impact of the government shutdown and restrained spending.
The third-quarter GDP growth of 2% was slower compared to the 2.5% pace from April to June, indicating a loss of economic momentum.
The jobless rate in the US is projected to have climbed in October, contributing to the Federal Reserve's decision to maintain stimulus efforts.
Economists have trimmed their fourth-quarter growth forecasts due to the impact of the government shutdown and restrained consumer and business spending.
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