WASHINGTON – THE US economy exited recession in the third quarter, posting the strongest growth in two years, according to government data released on Thursday.
After four quarters of contraction, the economy grew at an annualized 3.5 per cent in the July-September period from the prior quarter, the Commerce Department reported.
It was strongest expansion since the 2007 third quarter, when a US subprime mortgage crisis triggered a global financial crisis that hammered the world economy.
The department’s first estimate of third-quarter gross domestic product (GDP), the broadest measure of the output of goods and services in the world’s largest economy, was much better than the 3.2 per cent rate expected by most analysts.
The department said the economy shrank an unrevised 0.7 per cent in the second quarter. The third-quarter increase was led by a rise in consumer spending, up 3.4 per cent, adding 2.36 percentage points to GDP growth.
Consumer spending, which accounts for two-thirds of US economic activity, ground to a halt in the second half of 2008 as the financial crisis accelerated after Wall Street investment bank Lehman Brothers failed. — AFP
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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