U.S. Economy Holds Up With 1.9% Growth on Consumer Strength

• A resilient American consumer helped the U.S. economy expand more than forecast in the third quarter, assuaging concerns for now of a more pervasive slowdown tied to weakening business investment and faltering export markets.
• Gross domestic product expanded at a 1.9% annualized rate, according to Commerce Department dataWednesday that topped forecasts in a Bloomberg survey that called for 1.6% growth. That’s down from 2% in the second quarter.
• The gain mainly reflected strength in consumer spending, the biggest part of the economy, which increased at a 2.9% rate and exceeded projections for a 2.6% rise.
• For businesses, non-residential fixed investment fell the most since late 2015.

(Source: Bloomberg)