U.S. Savings Rate Fell to 3.8% as GDP Grew at a 3.4% Pace

U.S. households saved a smaller share of their income in September as prices rose, even while the economy accelerated in the third quarter, highlighting uneven gains behind the stronger growth figure. The Commerce Department reported Thursday that gross domestic product (GDP) rose at a 3.4% annualized rate in July through September, compared with a 2.2% pace in April through June. The annualized figure expresses the quarter’s growth at a yearly rate. GDP measures the value of goods and services produced across the U.S. economy, so it can grow even as individual households face tighter budgets.

Source: TokenPost