Consumers Drove The U.S. Economy In The Third Quarter
Strong consumer data was able to drive the U.S. economy as it overpowered negative effects from the U.S.-China trade war, according to Markets Insider.
On Wednesday, the Commerce Department reported that U.S. gross domestic product rose by 2.1 percent from July through September. In the second quarter, GDP expanded by 2 percent and 3.1 percent in the first quarter of 2019.
Consumer spending makes up more than 66 percent of economic activity and continued to be the main driver in the third quarter. Analysts and investors expected the economy to slow after waves of tariffs from the U.S. and China on products, but consumer spending increased.
President Trump wants the U.S. economy to grow at or above 3 percent a year, a milestone that has not been met yet as the President approaches the end of his term.
Consumers were able to overpower the negative effects generated by the U.S.-China trade war.