The US economy continues to run: US GDP, according to the first reading released today, is growing at a rapid pace also in the third quarter of 2014, showing an increase of 3,5%. The figure is decidedly better than the expectations which indicated a 3% increase, and compares with the revision to +4,6% of the previous quarter.
The growth was mainly supported by the increase in personal expenses, which account for 70% of the economy. This showed a jump of 1,8% after the +2,5% of the previous three months. Compared to a year ago, and net of inflation, GDP grew by 2,3%. The one released today by the Department of Commerce is, as mentioned, the first reading, while the second estimate, based on more complete data, will be released on November 25th.
The news does not seem to have thrilled the markets: above all because by increasing the signs of strengthening of the economy, the Federal Reserve will be inclined to launch the exit strategy earlier than expected, and this, as is known, is not appreciated by investors. In addition, the Labor Department also said that new jobless claims increased by 3.000 to 287.000 last week. Economists had forecast 284.000 units. The previous week's figure was also revised up slightly, from 283.000 to 284.000 units.
