Business equipment spending steals spotlight in Q3 GDP report

“Business equipment spending jumped at an 8.6% annual rate in the third quarter on top of an 8.8% increase in the second quarter” writes Senior Economics Reporter for Business equipment spending not only supports faster top-line growth today, but also lays the groundwork for faster growth down the road, Moody said in an interview.Scott Anderson, chief economist at Bank of the West, said improved business confidence may be playing a role in the acceleration of equipment spending.This added almost a half a percentage point to third-quarter GDP growth.The government reported that the economy grew at a 3% annual rate in July-September period, above consensus and close to the 3.1% growth rate in the second quarter.

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