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.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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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
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
UAE currency: the story behind the money in your pockets
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
