Here’s a look at three items from Thursday, Oct. 29: faster economic growth alongside firmer inflation in new federal data, national mourning in Spain after a deadly train collision, and a longer Thanksgiving closing for Stafford County offices.
The Economy
The U.S. economy grew at a 3.4% annual rate from July through September, according to the advance estimate released Thursday by the Bureau of Economic Analysis. That was up from 2.2% in the second quarter. The agency said gains in investment, consumer spending and government spending were partly offset by a drop in exports.
The reading came in above what economists had forecast, CNBC reported, with consumer spending rising 3.8% for the quarter. Like all first estimates, the figure will be revised as more data comes in; BEA’s second estimate is due Nov. 25.
A separate Commerce Department report showed the personal consumption expenditures price index, the inflation measure the Federal Reserve watches most closely, rose 3.6% over the 12 months ending in September, up from 3.4% in August, USA Today reported. Excluding food and energy, prices rose 3.1%, according to CNBC, which said higher energy costs drove much...
