Economy in US grows at its fastest pace in two years – Forbes Mexico

The U.s. economy grew at an annual rate of 2.9% in the third quarter, its fastest pace of the past two years, announced Friday, the Commerce Department in its first estimate for the period July-September.

The increase in the Gross Domestic Product (GDP) in the u.s. is due to rising exports and a rebound in inventories, which offset the slowdown in consumer spending.

The data represents the rate of growth strongest since the third quarter of 2014 and comes after GDP u.s. expanded by 1.4% in the second quarter.

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exports gave a strong impetus to growth in the third quarter to advance to annualized rate of 10%, the highest since the last three months of 2013.

For its part, in the period of reference, private consumption grew at an annualized rate of 2.1%, driven by a 9.5% increase in the consumption of durable goods; while the gross investment private rebounded to an annualized rate of 3.1%, after falling back during the three previous quarters, while investment in equipment continued to be low for the fourth consecutive time.

The weight already resented the disclosure of this data and erased almost all its gains this Friday, since the data of the u.s. economy, which exceeded expectations, would strengthen the likelihood that the Federal Reserve (Fed) to increase in December, their rates of interest.

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So, the currency of mexico was trading in 18.8125 per dollar, with a rise of 0.15%, or 2.75 cents, compared to 18.84 weights of the reference price of Reuters on Thursday.

labor Costs rise 0.6%

For its part, the Department of Labor also announced that in the third quarter, the Cost Index of Employment rose a 0.6%, a similar progress in the second quarter, and showed an annual rate of 2.3%.

Well, there was a steady advance in the third quarter, but with few signs of a significant uptick in wage inflation.

The Index of Cost of Employment is the measurement of broader labor costs.