The Bureau of Economic Analysis (BEA) announced today that the U.S. economy grew at 3.0 percent pace in the third quarter of 2017.
This is the second straight quarter that the economy grew at a 3 percent pace – BEA's third estimate for the second quarter showed that the U.S. economy grew at a 3.1 percent pace. The last time the economy grew at a 3 percent pace for two consecutive quarters was three years ago. [.xlsx file download]
GDP Increases in Third Quarter
Real gross domestic product (GDP) increased 3.0 percent in the third quarter of 2017, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter of 2017, real GDP increased 3.1 percent.
The increase in real GDP reflected increases in consumer spending, inventory investment, business investment, and exports. A notable offset to these increases was a decrease in housing investment. Imports, which are a subtraction from GDP, decreased.
The increase in consumer spending reflected increases in spending on both goods and services. The increase in goods was mostly attributable to motor vehicles, and the increase in services primarily reflected increases in health care, in financial services and insurance, and in food services and accommodations.