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

A High Priority

As invasive Asian carp continue working their way toward the Great Lakes, the governors of several states in the region appeal to Congress to push for funding that would stop that spread.

DEALERS: How Are You Finding and Keeping Staff?

Take this month’s Pulse Report Survey here.

Suntex Acquires Lynn Creek Marina

The Grand Prairie, Texas, facility is the latest addition to Suntex’s U.S. marina holdings.

C.G. Foundation Offers 2022 Scholarships

Applications for the program, open to college-age children of Coast Guard personnel, will be accepted starting Feb. 1.

ABYC Foundation Launches Accreditation Program

High schools and post-secondary schools that teach marine service can apply for ABYC’s “gold seal approval” and help shape the next-generation workforce.

U.S. Economy Showed Significant Growth in Q4

Gross domestic product grew at pace of 6.9 percent, but omicron and supply shortages may stymie Q1 2022 numbers.

Q&A with Çağın Genç

Sirena Marine CEO Çağin Genç takes our questions.