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US GDP UP 3.5%

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Consumer confidence pushes up US GDP 2014

US GDP UP 3.5%

Oct 30 2014, 1.25pm GMT

Stock.com

Consumer confidence and lower imports are just a few of the reasons behind the best 6 month gains in US GDP for 10 years.

 

GDP grew at a 3.5 percent annualized rate in the three months ending September, with the previous six month period acheiving the largest back-to-back gains in the last 10 years.

Reasons for GDP growth:

  • Lower imports of oil due to growth in domestic market
  • Cheaper petrol
  • Job gains - jobless claims rose by 3,000 to 287,000 in the week ended October 25, but the four-week average declined to 281,000
  • Government spending climbed at a 4.6 percent pace, the most since the second quarter of 2009
  • The trade gap narrowed to $409.9 billion from $460.4 billion in the second quarter as imports dropped, reflecting fewer purchases of foreign oil and consumer goods

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