Overseas Headlines – October 30, 2024

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.

https://www.bloomberg.com/news/articles/2024-10-30/us-economy-expands-at-2-8-rate-powered-by-resilient-consumer?srnd=phx-economics-v2
Europe:

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.

 

https://www.bloomberg.com/news/articles/2024-10-30/french-economy-gathers-speed-with-boost-from-paris-olympics 
Asia:

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.

https://www.bloomberg.com/news/articles/2024-10-30/xi-calls-for-efforts-to-hit-growth-target-before-lawmakers-meet?srnd=phx-economics-v2 

 

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2024-10-30T14:04:11-05:00