Economy grew 2.1 percent in third quarter
The U.S. economy grew at a slightly faster rate in the summer than previously reported, mainly because businesses restocked their goods at a stronger pace than first thought. The overall economy, as measured by the gross domestic product, grew at an annual rate of 2.1 percent in the July-September period, the Commerce Department reported Tuesday. It previously estimated growth of 1.5 percent.
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▪ Greenville’s Michelin on Main has closed after eight years on the corner of Main Street and Falls Park Drive, a Michelin spokesperson told The Greenville News on Tuesday. The store at 550 S. Main St. opened in 2007, selling Michelin-branded apparel and other items. The store also had a tire concierge that discussed tires with visitors and helped connect them with tire dealers. The store is being closed because the “company's needs have changed,” according to Eric Bruner, a Michelin spokesman.
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▪ U.S. home prices rose in September from a year earlier at the fastest pace in 13 months as a lack of houses for sale has forced buyers to bid up available properties. The Standard & Poor’s/Case-Shiller 20-city home price index, released Tuesday, increased 5.5 percent in September compared with a year ago, the largest annual gain since August 2014. Steady job gains and low mortgage rates have propelled a solid rebound in home sales, which are on track to reach the highest level since 2007.
▪ Dollar Tree, which completed its acquisition of Matthews, N.C.-based Family Dollar in July, said Tuesday that its third-quarter profit was down more than 38 percent from the same quarter last year as it worked to blend the two discount chains. Though total sales were better than expected, margins sank because of the less-profitable product selection of Family Dollar stores as well as markdown costs related to clearing some Family Dollar stores of their inventory.
The Associated Press, The Greenville News and The Charlotte Observer contributed.