Q3 GDP Revised Upward to 3.3%

by Marilou Long on November 29, 2017

in Economic Indicators

The initial estimate of Q3 GDP growth was 3.0%, and it is now revised upward to 3.3%.  From the linked Bloomberg article:

Consumer spending, which accounts for about 70 percent of the economy, continues to be the main driver of growth, though revisions showed it was slightly weaker than previously estimated on purchases of both durable and nondurable goods. 

The biggest improvement came in business investment, which made a 1.2 percentage-point contribution to growth, up from 0.98 point in the initial estimate a month ago. In addition to greater spending on transportation equipment, the data also reflected more software spending. Nonresidential structures were revised to a bigger decline.

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