Why the job market isn't as not bad as the item seems

Even hurricanes weren’t enough to stop impressive growth inside the economy.

The U.S. economy grew at a 3% annual rate coming from July through September, the Commerce Department said Friday.

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Economists were expecting 2.5% at best, partly because of the damage coming from Hurricanes Harvey, Irma along with also Maria.

Growth inside the third quarter “demonstrates of which the hurricane ended up having little lasting impact on the economy,” says Paul Ashworth, chief U.S. economist at Capital Economics, a research firm.

In fact, the United States enjoyed back-to-back quarters of 3% growth for the 1st time in three years. Growth coming from April through June was 3.1%.

President Trump has promised to get the item to 3% for an entire year. Economic growth has hung around 2% for years, partly because of slow wage growth along with also weak spending by businesses.

Related: The job market is usually strong. Here’s the asterisk.

The economy has grown for eight straight years, one of the longest stretches in history. Unemployment is usually down to 4.2%, its lowest since 2001. The United States has added jobs in 83 of the past 84 months.

“the item’s still the slowest recovery by a long way,” says Dan North, chief economist at Euler Hermes North America, an insurance firm. “however we don’t see anything to suggest of which we would likely get a recession inside the next year.”

North along with also some other economists expected a bigger toll coming from the hurricanes. Ports, schools along with also businesses were temporarily closed, along with also some employees couldn’t get to work even if their businesses stayed open.

Hurricane recovery efforts are likely to provide a boost to economic growth toward the end of the year.

Nearly all corners of the U.S. economy contributed to growth inside the third quarter. Exports, imports along with also business spending on long-term projects were all up. Consumer spending, which makes up the majority of economic activity, rose a healthy 3.3%.

North expects the U.S. economy to stay on track unless an unexpected shock happens, “like an incident with North Korea.”

sy88pgw (brand new York) First published October 27, 2017: 8:56 AM ET