GDP Growth Clocks In at Sluggish 1.5% in Third Quarter

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Well, this kind of sucks: GDP growth in the third quarter clocked in at an anemic 1.5 percent. Consumer spending was up 3.2 percent, but inventories shrank:

The change in private inventories was by far the largest factor holding back stronger growth, subtracting 1.44 percentage points from the overall advance. The pairing down of stockpiles could suggest businesses aren’t confident about future demand and avoided overproducing. The figure could also reflect that falling prices for oil and other commodities caused the dollar value of inventories to decline.

Headwinds from overseas are just too persistent. Europe is weak and China is faltering. In the face of that, it’s hard for the American economy to pick up any steam.

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This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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