Washington – The U.S. economy expanded at a 2.8 percent annual rate from July through September, a surprising sign of strength ahead of the 16-day partial government shutdown. Exports rose, businesses stocked up, home construction increased and state and local governments spent at the fastest pace in four years.
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The Commerce Department says growth increased from a 2.5 percent annual rate in the April-June period to the fastest pace in a year.
Consumers stepped up spending on goods. But overall spending weakened from the second quarter because service spending was essentially flat, in part because of a cooler summer that lowered utility spending.
The third-quarter outcome was nearly a full percentage point stronger than most economists had predicted. Analysts expect the shutdown will slow growth in the October-December quarter.
That’s a joke. I haven’t seen growth in the food industry since 2008-09 and we are usually better than other industries.