GDP Grows 2.9% in Biggest Gain in 2 Years

The U.S. economy expanded at a 2.9 percent annual rate from July through September, its fastest pace in two years. “This shows that the U.S. is roughly on track,” said Luke Bartholomew, a fixed-income investment manager at Aberdeen Asset Management. “It’s a natural bounce back following a pretty underwhelming year so far.” Republican presidential nominee Donald Trump released a statement Friday calling the numbers “modest,” rejecting the positive view taken by experts and economists who called the figure “solid.” “America can do better than the modest growth of 2.9 percent recorded for the 3rd quarter and the dismal growth of 1.5 percent for the past year. Growth hasn’t risen above 3 percent for a full year in any year of the Obama presidency,” said Dan Kowalski, Trump’s deputy policy director.