GDP grew at 1.9% rate, consumer spending increased in Q3 (BEA)
The Bureau of Economic Analysis (BEA) released yesterday the “advance” estimate for real gross domestic product (GDP), real GDP increased at an annual rate of 1.9 percent in the third quarter of 2019. In the second quarter, real GDP increased 2.0 percent.
According to the BEA release, real disposable income increased 2.9 percent in Q3, up from 2.4 percent. Disposable personal income increased $181.7 billion, or 4.5 percent, in Q3, compared with an increase of $192.6 billion, or 4.8 percent, in Q2.
“As we look toward 2020, these healthy economic indicators are good news for boating, particularly as we head into winter boat show season. Namely, when we see an increase in disposable income at or above around 3 percent, that bodes well for recreational boat sales,” said Vicky Yu, director of business intelligence for NMMA.
Click here for the full BEA release