Real gross domestic product increased at an annual rate of 2.9 percent during the third quarter of 2016 marking the fastest quarterly GDP growth in two years, according to last week’s advance release from Bureau of Economic Analysis. This showed solid improvement over the second quarter’s real GDP growth of 1.4 percent. The third quarter’s increase in real GDP was driven by good performance in personal consumption expenditures (PCE); exports; private inventory investment; federal government spending; and nonresidential fixed investment. Consumer spending was up just 2.1 percent, but incomes grew $153.6 billion in the third quarter, compared to the second quarter’s gain of $153.1 billion.“The U.S. economy is finally showing its strength. Following a weak first half of the year, the 2.9 percent pace of growth in Q3 will let markets breathe a sigh of relief,” Royce Mendes of CIBC Economics told MarketWatch. “The increase was largely driving by another increase in consumption, which even though it was below consensus and last month’s figure, continues to be supported by gains in the labor market.”
Author:Don Fleming Phone: 917-453-2505 Dated: November 1st 2016 Views: 42 About Don: Don Fleming has been practicing real estate for more than 10 years , with the primary goal to become...
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