Friday, 16 November, 2018

USA economy grows faster than expected in Q3

Soybeans are offloaded from a combine as a farmer harvests crops in Indiana Modal Trigger Soybeans are offloaded from a combine as a farmer harvests crops in Indiana. AP
Orlando Vargas | 30 October, 2018, 12:29

Non-residential fixed investment grew at just a 0.8 percent, and the Economic Policy Institute said that such investment is growing more slowly in the first three quarters of 2018 than it did in the same period in 2017 - before the tax cuts went into effect.

Total exports fell 3.5 per cent, the weakest showing since the end of 2016, while imports gained 9.1 per cent, the fastest growth since the end of past year. They estimate a 0.1 percentage-point boost to GDP from corporate America, down from 1.2 percentage points in the second quarter.

The latest economic report card capped a week of mixed economic news.

That was the fastest pace since the fourth quarter of 2014 and followed a 3.8% pace of increase in the second quarter.

The US Commerce Department said strong consumer and government spending helped to bolster the economy.

Within that category, spending on structures shrank 7.9%, the biggest drop in nearly three years, after a 14.5% surge in the prior period that partly reflected investment in oil production.

Third quarter GDP topped expectations and shows the USA economy continues to grow at a strong rate. Companies outside the United States stockpiled on goods ahead of the implementation of tariffs, providing a more than one-percentage-point boost to GDP in Q2.

Klay Thompson breaks Stephen Curry's record for 3s in game
Buddy Hield made three of four free throws inside the final 20 seconds to secure a dramatic 116-112 victory for the Kings . Klay Thompson knocked down his league-record 14th 3-pointer in the third quarter of Golden State's matchup with the Bulls.


Indian PM Modi arrives for summit with Abe
He arrived Saturday and was invited to Abe's vacation house near Mount Fuji on Sunday for private talks. PM Modi will be visiting the robotics and automation firm FANUC in Yamanashi.


Delhi Air Quality Records Worst "Wear Masks, Prefer Short Walks"
Meanwhile, SAFAR has also issued a health advisory due to increase in the pollution level of the city. It has forecast even worse indices for Sunday - 359 (PM10) and 211 (PM2.5).


"The risk to the expansion from elevated inflation moved up early in the year, but has eased over the last six months and remains modest compared to risks in the 2000s or in 2011", the authors wrote. The report was one of the last major economic indicators before Election Day (there will be one more jobs report released November 2). Purchases rose across most major categories including motor vehicles, recreational goods, food and clothing, in part reflecting the support from steady hiring and the lowest unemployment rate in about five decades.

The Commerce Department said it wasn't possible to estimate the overall impact to GDP from Hurricane Florence, which made landfall in coastal North Carolina in mid-September.

‏Sen. Roger Wicker (R-Miss.) echoed the sentiment, while adding that the report is the latest indicator that Republican policies like tax and regulatory cuts have reenergized the economy. However, since that time exports of soybeans have dropped each month which increased the trade deficit.

The Fed raised rates in September for the third time this year and removed a reference to monetary policy remaining "accommodative" from its policy statement.

On the business side, apart from a leap in the intellectual property rights, one of the workhorses of the administration Trump, business investment is a bit stalled. While President Trump hailed the headline figure of 3.5% growth in GDP, there were serious signs of weakness in the quarterly report. Inventories had trimmed 1 percentage point off growth in the second quarter but boosted growth by 2 percentage points in the third quarter. Recent reports indicate the industry is slowing amid higher prices and rising mortgage rates, as well as a lack of affordable listings.

Housing continued to be a drag, falling for a third straight quarter. Trump's trade war with China is set to escalate in January, when tariffs on about half of all imports from China jump from 10% to 25%.

Solid domestic demand and some front-loading of imports ahead of a January rise in levies on Chinese goods may further widen the trade gap.

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