U.S. GDP grew at an annual rate of 3.2 percent in the third quarter

third quarter economic graph.jpg
Graph from Shopfloor.org

According to an article by the Associated Press, the U.S. economy in the third quarter grew at the fastest pace in two years, with a revised report showing stronger consumer spending than first estimated.

The gross domestic product expanded at an annual rate of 3.2 percent in the July-September period, the Commerce Department reported Tuesday. That is up from a previous estimate of 2.9 percent.

In a Shopfloor article, NAM Chief Economist Chad Moutray writes that the report was good news. He says, “With the U.S. economy expanding by only 1.1 percent at the annual rate in the first half of 2016, the third quarter numbers were entirely welcome, especially for consumer spending and net exports.”

The U.S. Department of Commerce report can be found here.