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During July, August and September, the nation’s economic output grew at a faster rate than the government expected, according to an article by The New York Times.
Gas prices have dropped, leaving additional funds for other purchases, and consumers continue to boost spending as the holiday season approaches. The annual rate of growth has grown to 3.9 percent from 3.5 percent, the article explains.
“Consumer spending is a closely watched figure because it accounts for 70 percent of economic activity and is needed to advance at a steady rate to power the economy forward,” the article says.
In addition, while the economy continues to show growth, it has also helped lower the unemployment rate, and the article adds, “the official rate hit 5.8 percent [last month], a drop of 1.4 percentage points from a year earlier.”
To read the full article, click here.
