The US economy grew at a speedy annual rate of 3.6 percent in the third quarter, significantly higher than initially estimated, the Commerce Department reported Thursday.
Gross domestic product growth was originally estimated at 2.8 percent for the July-September period. Most analysts expected that the pace of GDP expansion would be revised slightly upward to 3.0 percent.
The upward revision mainly reflected data showing a higher build in private inventory investment and nonresidential fixed investment than seen at the first estimate on November 7.
The strong third-quarter reading marked the fourth consecutive quarter of expansion in the world's largest economy, and was the fastest growth since the 2012 first quarter's 3.7 percent pace.One word: wow.
Okay, two words: totally unexpected.
I hope this is true, though it is hard to believe anything coming out of Washington DC. I'm going to let this age a bit before I become a true believer.
ReplyDeleteCould this a way to get people to go out and spend more in an attempt of give the economy a boast at the end of the year. Time will tell.
This 3.6% certainly seems to have come out of nowhere; I don't recall anyone suggesting a number this high. I think like everything else, we get the revised number a month later. I was surprised as you to see this high a number.
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