The US economy soared in the third quarter this year as consumer spending remains strong as the Federal Reserve tries to tamp down on spending with its high interest rates.
Gross domestic product grew at an annualised rate of 4.9 per cent from July to September, sharply up from 2.1 per cent in the previous quarter, a preliminary estimate from the Commerce Department showed.
GDP was expected to grow at a 4.7 per cent annual pace in the third quarter, a Wall Street Journal survey of economists said.
The Commerce Department said third-quarter growth "reflected accelerations in consumer spending, private inventory investment, and federal government spending and upturns in exports and residential fixed investment".
President Joe Biden credited his economic agenda - which he calls "Bidenomics" - for the strong economic activity.
"It is a testament to the resilience of American consumers and American workers," he said.
Even with strong economic growth, he remains hamstrung by consumers who still feel the pinch of inflation, which has fallen to 3.7 per cent since a peak of 9.1 per cent last year.
In response to high inflation, the Fed has been on an aggressive campaign in raising interest rates to cool spending and thus rising prices.
Interest rates have been raised to 5.4 per cent - a 22-year high - from a near-zero level in March 2022.
So far, consumers have been able to fend off those rate increases due to a strong labour market.
Even with a strong quarter, the US economy still faces an uncertain future due to multiple headwinds. That includes the continued effects of interest rates, record-high mortgage rates, the UAW strike, resumption of student loans and the Israel-Gaza war.
Interest rates and long-term Treasury yields are anticipated to dampen growth next quarter, meaning that the July-September period could be the strongest quarter for growth before economic growth cools.
The Fed has projected the US GDP to grow at a 2.1 per cent rate this year, according to estimates released in September.
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
