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.