The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, according to the Associated Press. Today’s government report was unchanged from its initial estimate of third-quarter growth.
The Commerce Department reported that growth in U.S. gross domestic product — the economy’s output of goods and services — slowed from the April-July rate of 3%. The GDP report still showed, however, that the American economy is proving surprisingly durable. Growth has topped 2% for eight of the last nine quarters.
Growth in business investment slowed sharply on a drop in investment in housing and in nonresidential buildings such as offices and warehouses. By contrast, spending on equipment surged.
Today’s report was the second of three looks at third-quarter GDP. The Commerce Department will issue the final report on Dec. 19.
