Skip to main content

Economic growth slowed considerably in 3Q

A waning international appetite for American-made goods held back the nation’s economic growth during the third quarter, government data released Thursday morning show, a side effect of broader weakness in the global recovery.

The Commerce Department reported that the U.S. economy expanded at an annual rate of just 1.5 percent between July and September, less than half the pace of the previous quarter, according to The Washington Post.

The poor performance of exports throughout the year has forced businesses to slash inventories. Though the numbers were in line with expectations, Wall Street opened in the red on the news.

"Manufacturers continued to anticipate modest growth moving forward, but their outlook remains guarded, particularly in light of current headwinds," Chad Moutray, chief economist at the National Association of Manufacturers, told the paper.

American households, however, have remained resilient. Consumer spending rose by 3.2 percent during the third quarter, the data show. Business investment in equipment was also strong, though early indications for the fourth quarter suggest orders for durable goods are still weak.

Related

FUTURE-ANGLERS

FAF Brings New Anglers into the Fold

The nonprofit organization will leverage Giving Tuesday on Nov. 29 to raise funds for its grassroots fishing and boating participation efforts.

1_NAOS.YACHTS.EXPANDS

Naos Yachts Plans New Offices

The San Francisco Bay area location will expand the dealer’s midcoast footprint and help grow its Groupe Beneteau, Lagoon, Neel, CNB Yachts, Four Winns and Wellcraft brands.

1_THANKSGIVING

Trade Only Today Returns Monday

The e-newsletter will not publish Thursday, Nov. 24, and Friday, Nov. 25, in observance of the Thanksgiving holiday.

CORRECT-CRAFT-ORPHANAGE

Correct Craft Gives Back

Employees spent a day serving at the Florida United Methodist Children’s Home, impacting more than 500 kids in need.

1_GH.ELECTRIC.HOIST

GH Motion Launches All-Electric Lift

The GH70e mobile boat lift is powered by a modular solar/battery system and has a 65-ton capacity.

1_PULSE.PING

Dealers: Are You in Compliance?

A new FTC Safeguards Rule designed to protect consumers’ personal information goes into effect Dec. 9 — are you prepared?

1_NMMA-CANADA

NMMA Canada President Steps Down

NMMA Canada president Sara Anghel is leaving the recreational boating trade group after nearly 15 years of service.

1_DEALER.OUTLOOK

Ohio Ordered To Get Serious About Algae

Many are applauding a judge’s proposed consent decree that will serve as a roadmap to address western Lake Erie’s chronic algal blooms.