US Economy Grows at Better than Expected Rate
(WASHINGTON) -- In an unexpected bit of good news, the U.S. economy grew at a rate of 2.8 percent in the third quarter of 2013, according to government data.
An estimate released by the Bureau of Economic Analysis, an agency of the Department of Commerce, showed wholesale trade (durable goods) and manufacturing inventory picked up, as well as spending by state and local governments, which invested more in structures.
On the other hand, the report also showed a deceleration in exports, business investment and consumer spending.
The figures released Thursday cover July through September -- before the government shutdown. It remains to be seen how badly the shutdown affected the U.S. economy. The October jobs report to be released Friday morning will likely reveal a hint of the shutdown's impact.
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