Easing Economic Growth Reported for Solid Third Quarter

Good news for the economy: the U.S. Commerce Department reported today that U.S. economic output increased 1.8 percent in the second quarter of 1999. The increase is due, in part, to the rise in imports and smaller business inventories.

Although these figures were down from the 2.3 percent first reported last month, they remained in line with the expectations of economists. In addition, the 1.8 percent annual rate was the slowest rate in a year and matched the rate of growth in the second quarter of 1998.

Specifically, the Department reported a 14.4 percent jump in imports and an increase in inventories at a $12.1 billion annual rate instead of the $19.4 billion estimated last month. The increase in imports indicates Americans are purchasing more products made overseas.

The report was published two days following Tuesday's decision by the Federal Reserve Bank's to increase short-term interest rates by a quarter point.

You may like these other stories...

For the first time since 2006, more than 50 percent of CFOs believe the US economy will show signs of improvement over a six-month span rather than remain the same or worsen, according to a new study from Chicago-based...
By Jason Bramwell, Staff Writer CPAs in New Jersey, New York, and Pennsylvania believe economic conditions in the United States will likely be the same one year from now, and while they predict higher business revenues...
By Jason Bramwell Managers in accounting, finance, and IT are cautiously optimistic about their hiring plans for the fourth quarter of 2013, according to a new hiring outlook survey from staffing firm Brilliant. ...

Already a member? log in here.

Upcoming CPE Webinars

Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.