America’s economy has been indicating signs of solidity despite minor downturns reported in the third quarter. While economists had indicated concern over a GDP dropoff, the ongoing US-China trade war did little for confidence in the business sector.
With a 1.9 percent economic expansion in the summer, this figure – released by the Commerce Department – exceeded expectations. According to Executive Director of US Economics Advisers, Ben Herzon:
“If I saw cracks in the consumer sector, I would be worried, but I don’t see that yet. The economy is not slowing into a recession.”
There was a definitive decline in business investment, research and development – 3 percent – as well as 15.3 percent drop in office and factory expenditure.