Defense and government spending helped drive an increase in U.S. economic activity during the third quarter, according to a Forbes report.
Staff writer Abram Brown reports gross domestic product rose by an annualized 2 percent during the third quarter, topping the 1.3 percent growth recorded in the second quarter.
Underlying that figure, Brown writes, is a 3.7 percent increase in federal spending during the quarter and a 13 percent uptick in defense spending.
Without defense outlays, GDP only goes up 1.36 percent during the third quarter and GDP remains the same when taking government spending out of the equation.
Bernard Baumohl of the Economic Outlook Group told the Wall Street Journal the Pentagon ramped up spending over the summer ahead of sequestration cuts scheduled to take effect in January.
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Forbes: Defense Spending Key to 3Q GDP Growth
Staff writer Abram Brown reports gross domestic product rose by an annualized 2 percent during the third quarter, topping the 1.3 percent growth recorded in the second quarter.
Underlying that figure, Brown writes, is a 3.7 percent increase in federal spending during the quarter and a 13 percent uptick in defense spending.
Without defense outlays, GDP only goes up 1.36 percent during the third quarter and GDP remains the same when taking government spending out of the equation.
Bernard Baumohl of the Economic Outlook Group told the Wall Street Journal the Pentagon ramped up spending over the summer ahead of sequestration cuts scheduled to take effect in January.
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