Economy, Third Quarter Earnings | featured news

Inventories at U.S. wholesalers rise at the fastest pace this year in September, adding to evidence that 3Q growth may have been stronger than initially thought.

The U.S. trade deficit narrowed in September as exports increased, suggesting the economy expanded more than previously believed in the third quarter.

U.S. economic growth picked up in the third quarter as a late burst in consumer spending and a surprise turnaround in government outlays offset the first cutback in business investment in more than a year.

Expectations for third quarter earnings reports were dismal. But a recent flurry of high-profile reports has investors scowling even more at the weak revenue numbers.

U.S. retail sales rose in September as Americans bought more cars and gasoline, while a gauge of consumer spending pointed to stronger-than-expected economic growth in the third quarter.

Two of the nation's largest banks released third-quarter results that suggest the U.S. housing market, a key factor in the nation's economic performance, is bouncing back as mortgage rates hit record lows and home refinancings surge.

Wholesale inventories in July rose by the most in five months, beating forecasts in a sign economic growth started the third quarter on stronger footing than expected.

U.S. consumer spending got off to a fairly firm start in the third quarter, rising by the most in five months and offering hope economic growth would pick up this quarter. Other data on Thursday showed the number of Americans filing new claims for jobless benefits held steady last week.

U.S. economic growth was slower than previously estimated in the third quarter on a sharp drop in healthcare spending.

The third quarter’s gross domestic product grew at a 2.0 percent annual rate, the Commerce Department said in a revised estimate, down from the previously estimated 2.5 percent.