Third Quarter GDP Downwardly Revised from 3.3% to 3.1%

Real GDP grew at a seasonally adjusted annual rate of 3.1% during the third quarter of 2017, according to the Bureau of Economic Analysis’s third estimate, up from 3.0% in the second estimate. The general picture of economic growth remained the same. This was the second consecutive quarter of 3.1% growth.

The downward revision reflected less personal consumption expenditures than previously estimated.

State and local government spending were slightly upwardly revised, offsetting the personal consumption expenditures decline.

Read the BEA release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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