WASHINGTON
The U.S. economy exceeded third quarter expectations, growing at 3.5 percent as unemployment claims rose slightly, the Commerce Department said Thursday.
The preliminary figures issued by the Bureau of Economic Analysis showed consumer spending grew at a respectable 1.8 percent annual rate, slightly less than the 2.5 percent bump in the previous quarter.
Exports continued to stay strong with a 7.8 percent increase, down from an 11.1 percent increase in the second quarter. Imports fell 1.7 percent.
Federal government spending also jumped 10 percent, up from a 0.9 percent drop in the second quarter, and National defense spending rocketed 16 percent in the third quarter, while nondefense spending increased 0.5 percent. State and local government spending also grew 1.3 percent. The third quarter GDP estimates followed 4.6 percent growth in the prior quarter.
Jason Furman, chairman of the Council of Economic Advisers at the White House, said in a statement that the growth was "strong," and that "the recent data highlight that the United States is continuing to lead the global recovery."
"Nevertheless, more must still be done to boost growth both in the United States and around the world," he added.
The third quarter estimates is based on source data that is incomplete. A revised estimate using more complete data will be released Nov. 25.
Thursday’s announcement came as jobless claims rose slightly, but remained near recent lows.
The week ending Oct. 25 saw adjusted first-time unemployment claims hit 287,000, up 3,000 from the week prior, according to the Department of Labor.
The department said that no special factors impacted the week’s claims.
www.aa.com.tr/en
