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Report: Economy on Track to Finish 2018 With 3-Percent Uptick

Wednesday, December 5, 2018
 
While the U.S. economy slowed a bit in the third quarter, solid expansion trends continue, according to a recent economic report by the National Association of Manufacturers. The report shows 3.5-percent growth in the third quarter, compared to 4.2-percent growth in the second quarter. Fourth-quarter growth is projected at 2.8 percent, putting real GDP for 2018 at 3 percent, the strongest growth rate since 2005. The report goes on to predict growth in 2019 to be 2.5 percent.

Another show of economic strength comes in the form of increased personal spending. The report shows a 0.6-percent jump in October, the fastest monthly pace since March and a sign that American consumers stepped up their spending leading into the all-important holiday season. Even more important, personal spending has risen 5 percent over the past 12 months,

Finally, in a speech at The Economic Club of New York, Federal Reserve Chairman Jerome Powell said the Federal Open Market Committee (FOMC) had “no preset policy path,” with future monetary policy decisions hinging on incoming data.

 


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