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US GDP up 2.8 per cent in Q3, but not enough to turn economy around
THE United States economy grew at an annualised rate of 2.8 per cent in the third quarter of 2013 compared to previous quarter's 2.5 per cent increase supported by 7.3 per cent unemployment, according to figures released by the US Commerce Department.
The fourth quarter is predicted to show decline of 0.5 per cent due to the effect of government shutdown.
The growth is not enough to turn the economy around and reduce unemployment despite the third quarter's job creation of 204,000 jobs up from forecast of 120,000, said economists polled by Bloomberg.
It increased production of durable goods 7.8 per cent compared to previous quarter growth of 6.2 per cent. Exports and non-residential fixed investment also grew.
During the third quarter, exports grew 4.5 per cent quarter to quarter but were still half that of previous quarter.
The fourth quarter is predicted to show decline of 0.5 per cent due to the effect of government shutdown.
The growth is not enough to turn the economy around and reduce unemployment despite the third quarter's job creation of 204,000 jobs up from forecast of 120,000, said economists polled by Bloomberg.
It increased production of durable goods 7.8 per cent compared to previous quarter growth of 6.2 per cent. Exports and non-residential fixed investment also grew.
During the third quarter, exports grew 4.5 per cent quarter to quarter but were still half that of previous quarter.
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