U.S. economic growth nudged up in the third quarter, the government confirmed on...
WASHINGTON - U.S. economic growth nudged up in the third quarter, the government confirmed on Friday, and there are signs the economy more or less maintained the moderate pace of expansion as the year ended, supported by a strong labor market.
Despite the unrevised reading, which was in line with economists’ expectations, consumer spending was stronger than previously reported. There were also upgrades to business spending on nonresidential structures such as power infrastructure, which limited the drop in overall business investment. That offset downward revisions to investment in homebuilding and inventory accumulation. Imports, which are a drag to GDP growth, were higher than previously estimated.
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 2.1% rate in the July-September period. That was down from the previously reported 2.3% pace and an acceleration from a 1.4% growth rate in the second quarter.The economy appears to have maintained its moderate growth speed in the fourth quarter, with the lowest unemployment rate in nearly half a century supporting consumer spending.
Growth estimates for the fourth quarter range from as low as a 1.3% rate to as high as a 2.3% pace. Though growth has been relatively strong, economists did not expect the economy to achieve the Trump administration’s 3.0% target this year.
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