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Saturday, July 13, 2024
HomeNewsEconomy3Q GDP: U.S. Economy Grew by 3.5%, Slightly More than Median Forecast

3Q GDP: U.S. Economy Grew by 3.5%, Slightly More than Median Forecast


File photo: Shipping cranes and containers at a U.S. port representing exports and imports factored in overall gross domestic product, or GDP. (Photo: REUTERS)

The Commerce Department reported Thursday the U.S. gross domestic product (GDP) grew at a rate of 3.5 percent in the third quarter of 2016. The figure slightly outpaced the median forecast calling for 3.3% and was the strongest since the third quarter of 2014.

However, it followed the second quarter’s anemic 1.4% pace.

Businesses accumulated inventories at a $7.1 billion rate, down slightly from the $7.6 billion initially reported.

Consumer spending, which accounts for more than two-thirds of all U.S. economic activity, gained 3% in the third quarter, up from the 2.8% pace reported last month. That was still a slowdown from the second quarter (4.3%).

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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