GDP Increases in Third Quarter

The U.S. Bureau of Economic Analysis (BEA) announced yesterday that real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the third quarter of 2017, according to the "second" estimate released by the BEA. In the second quarter, real GDP increased 3.1 percent.

According to the BEA release, the GDP estimate released on Wednesday is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 3.0 percent.

With this second estimate for the third quarter, the general picture of economic growth remains the same; nonresidential fixed investment, state and local government spending, and private inventory investment were revised up from the prior estimate. 

Click here for the full BEA release