Updated:
Original:

GDP inches up 2 percent in third quarter

The U.S. economy showed growth in the third quarter, but the gain was weak and not sufficient to make a dent in the nation's high unemployment rate.

Gross domestic product, the economy's broadest measure, grew at an annual rate of 2 percent in the three months that ended in September, the Commerce Department said today. GDP grew 1.7 percent in the second quarter.

"Growth is still positive but a bit disappointing. It's not where we would like it to be at this point of the recovery," Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Fla., told Reuters.

Consumers gave the economy a boost, increasing their spending by 2.6 percent in the quarter. The quarterly increase was the largest since a 4.1 percent gain that came at the end of 2006. Consumer spending accounts for 70 percent of U.S. economic activity.

Analysts expect Federal Reserve officials to announce bond purchases next week to push borrowing costs lower and spur businesses to expand investment and hiring.

Related

Freedom Boat Club Acquires Conn. Franchise

With the acquisition of its franchise operation and territory in the Nutmeg State, the Brunswick subsidiary accelerates its Northeast brand expansion.

Sailing HOF Honors Inductees

In a ceremony in Newport, R.I., 11 sailors were honored as the Sailing Hall of Fame Class of 2021.

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Entries Open for Neptune Awards

The Marine Marketers of America is accepting submissions for its annual contest in 23 categories through Dec. 6.

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Take Action Now

We must take action to push Congress to reauthorize the Sport Fish Restoration and Boating Trust Fund. Here’s how you can help.

Southern Marinas Acquires Missouri Facility

Millstone Resort and Marina on Lake of the Ozarks is the fifth addition this year to the company’s portfolio.