NEW YORK – The US stock market recorded highest figure of gross domestic product (GDP) of third quarter of 2014 as the country’s economy grew five percent between the months of July and October, PakistanTribe received international media reports.
According to sources the Commerce Department revised its third quarter gross domestic product (GDP) estimate upwards, citing stronger consumer and business spending than previously assumed.
Talking to media Ryan Sweet an economic analyst said that”our economy is firing on most cylinders, whereas the global economy is essentially in dire need of a spark.” Now the economy grew up to 1.5 percent points recording highest figure.
Diane Swonk – chief economist at Mesirow Financial – stated that “Indeed, depending on the outcome for the fourth quarter, growth for the year could now surpass 2.5 percent, which is much better than anyone expected just a month ago.”
“After four years of rocky recovery the US economy is now hitting its stride, with a notable acceleration in growth in recent quarters,” Analysed Gus Faucher, senior economist at PNC Financial Services Group. “And growth should remain good next year, with lower gasoline prices a big plus for consumers.”
“The market was roaring yesterday, and going into the end of the year it keeps pushing higher,” Stephen Carl, principal and head equity trader at New York-based Williams Capital Group LP, said in a phone interview with Bloomberg on Tuesday. “The Fed is part of the fueling of everything, and you have to couple that with the year-end push.”
However different analysis have came from other analysts. It was also said that that it was ‘shrugging off the data’ .
Talking about the unreality of the report Tim Quinlan – an economist at Wells Fargo Securities – said that “We think this report paints an unrealistically bad picture of the current orders environment and payback is likely.”
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