Bloomberg: U.S. Third-Quarter Growth Revised Up to 3.3%, Three-Year High
The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies than previously estimated, Commerce Department data showed Wednesday.
Highlights of Third-Quarter GDP (Second Estimate)
* Gross domestic product grew at a 3.3% annualized rate (est. 3.2%), revised from 3%; fastest since 3Q 2014
* Consumer spending, biggest part of the economy, grew 2.3% (est. 2.5%); revised from 2.4%; down from 3.3% in 2Q
* Business-equipment spending rose at a 10.4% pace, a three-year high, revised from 8.6%; reflects transportation gear
* Corporate pretax earnings rose 5.4% y/y, following a 6.3% y/y advance
Key Takeaways
The latest results for GDP, the value of all goods and services produced, show the economy was on a more solid footing as it entered the final stretch of the year, withstanding the damage from hurricanes Harvey and Irma.
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WNU Editor: A few quarters is not a trend .... but this is definitely positive and welcomed news.
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