GDP Rises, but Consumer Spending Eases!

Featured Chart for Friday, November 8thMortgage Market Guide (www.VantageProduction.com)

The first of three readings on 3rd Quarter Gross Domestic Product showed that the US economy expanded by 2.8%, up from the 2nd quarter reading of 2.5% and well above the 1.9% expected. The rise was due in part to a buildup in inventories, a pickup in trade and increased spending by state and local governments.

However, within the report, consumer spending, the main driver of the US economy, fell to a paltry 1.5% from 1.8%, the slowest rate in three years.

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