Economy expands at a 2.9% rate in Third Quarter 2016 (Oct. 2016)
The Bureau of Economic Analysis (BEA) announced Friday that U.S. GDP grew at a 2.9% annual rate in the 3rd quarter of 2016. Growth was boosted by a 10.0% surge in exports and an increase in inventories. However, the 2.7% drop in equipment investment indicates that companies may be planning for lower future growth.
Quarterly growth did not break 3.0%, but 3rd quarter GDP grew at the fastest rate in two years. These results are likely to weigh on the Federal Reserve’s decision to raise interest rates for the remainder of the year.
The full BEA press release on 3rd quarter GDP can be accessed in the link below:
The First revision for 3rd quarter GDP is scheduled for November 29, 2016.