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Saturday, April 4, 2020
HomeNewsEconomyRevision: U.S. Economy Grew at Solid 3.2% Rate in Third Quarter

Revision: U.S. Economy Grew at Solid 3.2% Rate in Third Quarter

Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)
Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)

Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)

The Bureau of Economic Analysis (BEA) said the “third” estimate for gross domestic product (GDP) in the third quarter (3Q) was a solid 3.2%, up from 3.1% in the second quarter. While that’s down slightly 0.1% from the second reading for the 3Q, the U.S. economy is still on track to grow at or above 3% for three straight quarters for the first time since 2004.

Real gross domestic income (GDI) gained 2.0% in the 3Q juxtaposed to an increase of 2.3% in the 2Q. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, rose 2.6% in the 3Q, compared to a gain of 2.7% in the second.

A 4.7% jump in nonresidential fixed investment stands out in the report, as does a build up in business inventories.

With regional Federal Reserve forecasts calling for roughly 3.4% growth in the 4Q, it appears almost certain that the first year under President Donald Trump will be stronger than the strongest year under Barack Obama.

Written by
Staff Writing Group

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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