The U.S. economy expanded at a 3.4% annual rate in the third quarter, while the University of Michigan’s consumer sentiment index barely moved from September as voters put economic concerns near the top of the Nov. 3 midterm agenda.
The Bureau of Economic Analysis’ (BEA) advance estimate put real gross domestic product (GDP) growth at a 3.4% annual rate in the third quarter, compared with 2.2% in the second quarter.
The University of Michigan’s index registered 48.0 in October, versus 48.1 a month earlier. The October reading was 10.4% below its year-earlier level and 15% below its February level. The university’s report discusses affordability and inflation expectations in its account of consumer sentiment.
Hiring provided a separate measure of economic conditions. Payroll employment rose by 29,000 in September, the Bureau of Labor Statistics reported.
An AP-NORC Center for Public Affairs Research survey conducted Oct. 8-12 found 85% of voters considered the economy among the most important issues shaping their vote, while 84% said the same of living costs. The survey included 1,119 U.S. adults and had a 3.9-percentage-point margin of sampling error. EconoTimes previously covered the poll’s findings on voters’ economic priorities.
Anadolu Agency reported that energy-cost pressures were adding to household expenses and costs across transportation and agricultural supply chains. The report cited the Center for Research on Energy and Clean Air (CREA) for its fuel-cost analysis and identified the Iran conflict and trade protectionism as sources of pressure.
Voters will cast ballots in the midterm elections Tuesday, Nov. 3.
