Friday, October 27, 2017

GDP hits 3%, crushing estimates despite hurricanes

By Business Insider, Oct. 27, 2017

The US economy grew faster than expected in the third quarter even after hurricanes disrupted activity in some parts of the country.

The Commerce Department on Friday said gross domestic product, the measure of all goods and services produced, increased by 3%.

Stronger consumer and business spending held up the economy last quarter. Consumer spending, which makes the biggest contribution to growth, increased by 2.4% after a 3.3% rise in the second quarter. Nonresidential fixed investment, which reflects business spending on long-term capital, rose while homebuilding subtracted from growth amid a shortage of land and of skilled workers.

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