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U.S. Economy Expanded 3.2% in Third Quarter
The U.S. gross domestic product expanded by an annualized 3.2% in the third quarter of 2016 compared with 1.4% adjusted growth in the previous period, according to an updated estimate by the Dept. of Commerce.
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The U.S. gross domestic product expanded by an annualized 3.2% in the third quarter of 2016 compared with 1.4% adjusted growth in the previous period, according to an updated estimate by the Dept. of Commerce. The department initially calculated growth for the period at 2.9%.
The acceleration was due mainly to improvements in exports, consumer spending, private inventory investment and spending by the federal government.
In current-dollar terms, GDP in July-September expanded by 4.6% or nearly $208 billion, to $18.7 trillion. The department’s Bureau of Economic Analysis says the price index for domestic purchases for the period increased 1.5% compared with 2.1% in the second quarter.
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