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What a Stagnant GDP Growth Rate Says About the US Economy

The U.S. economy may be poised for slower growth after reporting one of the best six-month streaks in the past decade.
The Commerce Department announced today that gross domestic product increased at a 3.5 percent annualized rate in the third quarter, unchanged from the initial estimate in October.
Consumer spending, on the other hand, was revised marginally lower at up 3.6 percent. The first estimate saw the same category rise a healthy 4 percent in the July-September period to mark the economy’s strongest quarter in nearly four years. Additionally, clothing and footwear noted a gain of 0.21 percent at an annual rate.
Although less than the 4.2 percent pace in the second quarter, the figures remain in line with the Trump administration’s 3 percent goal for each quarter this year and signal top-performing consecutive quarters of growth since 2014.
The president’s $1.5 trillion tax cut package, which was signed into law last December and slashed the corporate tax rate, largely led the economic boost, buoying business investment and reinforcing consumer confidence ahead of the busy holiday shopping season.
Adjusted corporate earnings before taxes climbed 3.4 percent in the third quarter, with profits in the past 12 months advancing at a 10.3 percent rate — the fastest

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Via:: https://footwearnews.com/2018/business/retail/us-economy-gdp-growth-2018-q3-1202711206/