October 30, 2024
United States:
US Economy Expands at 2.8% Rate, Powered by Resilient Consumer
The US economy expanded at a robust pace in the third quarter as household purchases accelerated ahead of the election and the federal government ramped up defense spending.
Inflation-adjusted gross domestic product increased at a 2.8% annualized after rising 3% in the previous quarter, according to the government’s initial estimate published Wednesday. The median forecast in a Bloomberg survey of economists was for a 2.9% pace.
Eurozone Growth Beats Expectations, Germany Dodges Recession
The euro area’s economy expanded more strongly than expected in the third quarter — with even Germany avoiding the recession it was widely tipped to endure.
Growth in the 20-nation currency bloc quickened to 0.4%, while economists had predicted it would hold steady at 0.2%, as momentum in France accelerated and stayed strong in Spain. Germany’s surprise 0.2% increase in gross domestic product caught analysts off guard, though the reading for the previous three months was revised down sharply.
Xi Calls for Efforts to Hit Growth Target Before Lawmakers Meet
Chinese President Xi Jinping reiterated a call to achieve the country’s annual economic target, signalling a growing sense of urgency ahead of a key legislative meeting expected to approve new fiscal support for the world’s No. 2 economy.
The Chinese leader told senior party officials on Tuesday to fully implement a package of existing and new policies in the next two months, the People’s Daily reported.
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
