Soybean Exports Helping the US Economy

Good news for the US economy, as it grew at its fastest pace in two years as a result of soybean exports. The gross domestic product increased at a 2.9 percent annual rate. This is the strongest growth rate since the third quarter of 2014 and beat out the economists’ expectations from a 2.5% expansion pace.

As David Donabedian, the chief investment officer of Atlantic Trust Private Wealth Management in Baltimore said, “While the economy may not be ready to take off, today’s GDP suggests the economic expansion is not at risk of ending.”

The GDP report has actually been seen as a way to bolster Hillary Clinton, two weeks before the election. As Robert Murphy, an economics professor at Boston College said,

“This is good news for the Clinton campaign, which has tied itself closely to the Obama administration’s record on the economy.”