American economy slows due to hurricanes in the third quarter

American economy slows due to hurricanes in the third quarter

American economic surge probably slowed during the third quarter because hurricanes Harvey along with Irma affected consumer spending as well as construction activity. However, underlying momentum is still sturdy enough amid upbeat business investment on equipment.

As a Reuters survey of market experts states, the US GDP inched up at a 2.5% annual rate from July to September.

On Friday, the Commerce Department is expected to release its first evaluation of third-quarter GDP surge. Excluding the hurricane-related disruptions, market experts tell that third-quarter GDP ascend would have either matched or surpassed the tempo observed from April to June.

With post-hurricane labor market, industrial output as well as retail sales data already demonstrating a rebound in activity, the upcoming report will most likely have no impact on the US monetary policy in the near future.

In December, the Fed is believed to lift interest rates for a third time in 2017.

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