US Economy Expanded at Brisk 3.3 Pct. Pace in Third Quarter

Andrew Cummings
November 29, 2017

A second estimate of third-quarter GDP showed the U.S. economy grew at a 3.3% annualized rate.

The report said real gross domestic product surged up by an upwardly revised 3.3 percent in the third quarter compared to the originally reported 3.0 percent jump. That is the fastest rate since 2014's third quarter, and marks the first time since then that there has been back-to-back growth rates above 3 percent.

Led by a rise in business investment, the US economy grew at an annual pace of 3.3 percent from July through September, its fastest rate in three years.

The U.S. economy grew at its fastest pace in three years after the previous numbers - already exceeding expectations - were revised higher than initially calculated.

The economy showed resilience last quarter in the face of two hurricanes: Harvey, which hit Texas in late August, and Irma, which battered Florida in September.

Both exports and imports climbed by 5.7 percent and 9.5 percent, respectively.

That second estimate of a total of three by the bureau for the third quarter is based on more data that has come in. That was stronger than the 3.2% growth that Wall Street economists surveyed by Bloomberg were expecting and an improvement from October's advanced reading of 3%.

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