Boosted by solid consumer spending and improving international trade, the expansion of the U.S. economy rose to 2.9% in the third quarter, the Commerce Department said. Nelson Schwarts reports that economists said the biggest quarterly gain in two years will probably be enough to persuade the Federal Reserve to raise interest rates in December. To read the full article in The New York Times, click: U.S. Economy Grew 2.9% in 3rd Quarter, Picking Up the Pace.
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Consumer Spending Returns to Growth in U.S. Core U.S. retail sales grew 0.6% in January, reversing a 0.3% decline in December, the Commerce Department said. Also, a University of Michigan survey found that consumers are generally optimistic and say their purchasing power will benefit from low inflation. Harriet Torry, The Wall Street Journal, explains. To read the full article in The Wall Street Journal, click: Consumers Power Past Headwinds.