Center for Freedom and Prosperity chairman Dan Mitchell explains why voters are confident in the U.S. economy, but points to a possible bubble.
The U.S. economy grew as expected in the three months through September, according to new data published by the Commerce Department on Friday morning. Stock futures continued to point to a slightly higher open following the release.
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Gross domestic product increased at a 2.1 percent annualized rate in the third quarter, matching the expectations of economists surveyed by Refinitiv. The reading was unchanged from the second estimate, which was published last month. The initial reading, released in October, showed growth of 1.9 percent.
The U.S. economy grew at a 2 percent annualized rate in the second quarter.
Friday’s report had upward revisions to personal consumption expenditures and nonresidential fixed income investment, which were offset by a drop in private inventory investment.
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Investors will get their first look at 2019 fourth-quarter GDP and 2019 annual GDP when the Commerce Department releases the reports on Jan. 30, 2020.
