Afternoon Coffee: Chinese Economy Growth Weakest in 6 Years, Crude Oil Prices to Fall

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China’s economy reported a 6.9% growth rate for the third quarter, its most sluggish growth rate since 2009. It was the first time economic growth in the country fell below 7% since the global financial crisis began.

The Chinese economic news caused crude oil prices to fall 3% or $1.55 today, hitting $48.91 a barrel.

A new report from JPMogran Chase Institute shows that the fall in gasoline prices leads to consumers buying higher grades of gas at the pump. Consumers could have saved $41 a month last winter on gasoline, if they continued to buy the same grade as always. However, instead they saved just $22 because many decided to purchase high-octane gas.

Volkswagen has hired an executive to lead integrity and legal affairs for the automaker. Christine Hohmann-Dennhardt comes from Daimler, a German multinational automotive corporation, and will serve on Volkswagen’s board starting Jan. 1, 2016.  

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