U.S. economy grows 3 percent in Q3
Gross domestic product increased at a 3.0 percent annual rate in the July-September period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department said.
The department said while it was impossible to estimate the overall impact of hurricanes Harvey and Irma on third-quarter GDP, preliminary estimates showed that the back-to-back storms had caused losses of $121 billion in privately owned fixed assets and $10.4 billion in government-owned fixed assets.
Businesses accumulated inventories at a $35.8 billion pace in the third quarter in anticipation of strong demand.
As a result, inventory investment contributed 0.73 percentage point to third-quarter GDP growth, after adding just over a tenth of a percentage point to growth in the prior period.
Exports increased at a 2.3 percent rate in the third quarter, while imports fell at a 0.8 percent pace.
That left a smaller trade deficit, leading to trade adding 0.41 percentage point to GDP growth. Trade has contributed to output for three quarters in a row. ■