The U.S. economy grew solidly in the third quarter amid steady consumer spending and a rebound in housing offset.
Published 9:58 AM EDT Oct 30, 2019
The report comes ahead of an anticipated cut in interest rates by Federal Reserve later Wednesday, the third decrease in three months in a campaign to ward off a possible recession. The risk of a downturn has eased somewhat in recent weeks after the U.S. and China agreed to a tentative truce in their trade war that likely suspends future tariffs on Chinese imports but leaves existing duties in place.
Many economists still foresee an elevated risk of recession next year as Trump heads into a presidential election in November.Consumer spending grew a solid 2.9% in the third quarter, below the blistering 4.6% pace in the second quarter. Consumers generally have shrugged off the trade standoff, which has started to increase retail prices.
The trade war has increased the price of many Chinese imports, including factory parts and retail products, squeezing manufacturers and retailers. The impasse, along with feeble growth overseas, also has curtailed U.S. exports. The trade battle also has generated uncertainty, prompting companies to hold off on new projects.
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