GDP Up 2.2% In Q3
The nation's economy grew at the fastest pace in two years during the third quarter, according to the U.S. Bureau of Economic Analysis.
Real gross domestic product (GDP), the output of goods and services produced by labor and property, increased at an annual rate of 2.2 percent during the quarter.
In the second quarter, real GDP decreased 0.7 percent.
The most recent GDP estimate is the Bureau's third for the quarter. It is based on more complete data than was available for the second estimate, which was issued last month. The second estimate indicated an increase in real GDP of 2.8 percent.
The increase in the third quarter was the result of positive contributions from personal consumption expenditures, exports, private inventory investment, federal government spending, and residential fixed investment. The increases were partly offset by a negative contribution from nonresidential fixed investment.
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