via Wall Street Journal by Josh Mitchell and Sarah Chaney
Details from Friday’s report suggested underlying health and point to momentum heading into 2018.
Consumer spending, the biggest source of economic demand in the U.S., increased at a 2.4% rate in the quarter, below the trend of recent years. Spending was likely suppressed by the storms.
Businesses continued to step up investment spending. Nonresidential fixed investment grew at a 3.9% rate in the third quarter.
Exports grew at a 2.3% pace, a weaker gain than prior quarters. Government spending fell at a 0.1% rate.
The report is also likely to nudge the Federal Reserve closer to raising a key interest rate at its meeting in December. Friday’s report showed a pickup in inflation in the summer, a development the central bank has anticipated.
The complete story here > U.S. GDP Grew 3% in Third Quarter