The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) on Thursday issued its final revision for third-quarter gross domestic product (GDP). According to the BEA, U.S. GDP rose at an inflation-adjusted and seasonally adjusted rate of 3.5%, higher than the October estimate of 2.9% and the November estimate of 3.2%.
GDP rose to 1.4% in the second quarter of 2016 and just 0.8% in the first quarter.
Bloomberg had a consensus estimate of 3.3% for the revised estimate. Dow Jones (The Wall Street Journal) also expected growth of 3.3%.
Residential fixed investment (home building) personal consumption expenditures, and state and local government spending rose more than expected. Corporate profits increased $117.8 billion in the third quarter, compared with a decrease of $12.5 billion in the second quarter.
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