U.S. Economy Sees 3 Percent GDP Growth in Q3 2017

TGIF.

And thank heavens for another good quarter of U.S. GDP growth.

The U.S. economy grew at a 3 percent annual rate from July to September, propelled by steady spending from American businesses and households, according to the U.S. Commerce Department.

Consumer spending increased at a 2.4 percent rate in the quarter (with spending likely suppressed by storms Harvey and Irma), while businesses continued to step up investing spending (with non-residential fixed investment growth at 3.9 percent in the quarter).

The increase in real GDP in the third quarter  reflected positive contributions from personal consumption expenditures, private inventory investment, nonresidential fixed investment, exports, and federal government spending.

These increases were partly offset by negative contributions from residential fixed investment in state and local government spending.

You can see the full announcement from the Bureau of Economic Analysis here.