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U.S. Economic Growth Rate at 3%
The U.S. gross domestic product expanded at an annualized 3% in the third quarter, following a 3.1% rate in April-June, according to a first estimate by the Dept. of Commerce.
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The U.S. gross domestic product expanded at an annualized 3% in the third quarter, following a 3.1% rate in April-June, according to a first estimate by the Dept. of Commerce. It was the strongest consecutive quarters in three years.
But growth in final sales to domestic purchasers, a measure which ignores volatile inventory and trade elements, slowed to 1.8% from 2.7% in the second quarter. Those two factors contributed 1.1 points to growth in the period.
Consumer spending, which accounts for about 70% of GDP, contributed 1.6 points of growth in the last quarter. The impact of hurricanes during the period appears mixed and likely to be short-lived.
Analysts say increases in business investment in the past quarter suggests economic growth is broadening its base beyond consumer spending. Spending on equipment jumped 9%. But the data are difficult to gauge because of regional disruptions caused by the hurricanes.
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