Pre-Election U.S. Economic Report: Modestly Positive

The Commerce Department released its penultimate report before the Nov. 8 election, offering an overall snapshot of the U.S. economy. The next report will be the monthly unemployment numbers, which come out Nov. 4.

The economy saw an annual rate of 2.9% growth last quarter, pushed by global trade and consumer strength. Although this is below pace of previous data, it represents an improvement over the first half of this year, and is the strongest quarterly performance in the last two years.

Some analysts believe the report might prompt the Fed to raise the interest rate in December. Barclay’s economist Michael Gapen said, “The consumer is fine, and there is evidence that the industrial side of the economy is stabilizing, and the big drags from inventories and weak investment are abating.”

For comments, questions or concerns, please contact Daniella Soloway