Friday, December 23, 2016

An Even Stronger Third Quarter

The Commerce Department now thinks that U.S. economy grew faster than previously thought in the third quarter. Buoyed by stronger consumer spending, the economy posted its best performance in two years between July and September.

The revised 3.5 percent rate of GDP growth in the third quarter was higher than the prior estimate of 3.2 percent. What changed?
  • Consumer spending rose at a 3 percent annual rate, up from the prior estimate of 2.8 percent.
  • Business investments rose at a revised 1.4 percent rate, much stronger than the previous estimate of  0.1 percent.
  • Exports rose by 10 percent, helped by a temporary boom in U.S. soybean shipments.

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