Posted on 10/27/2017 6:10:22 AM PDT by Enlightened1
The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter.
An increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.
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 U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.
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 on Friday.
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 $121.0 billion in privately owned fixed assets and $10.4 billion in government-owned fixed assets.
Harvey and Irma struck parts of Texas and Florida in late August and early September. Hurricane Maria, which destroyed infrastructure in Puerto Rico and the Virgin Islands, had no impact on third-quarter GDP growth as the islands are not included in the United State's national accounts.
Economists polled by Reuters had forecast the economy growing at a 2.5 percent pace in the third quarter. Excluding inventory investment, the economy grew at a 2.3 percent rate, slowing from the second quarter's 2.9 percent pace.
With post-hurricane labor market, retail sales and industrial production data already showing an acceleration in underlying economic activity, Friday's report will probably have no impact on monetary policy in the near term.
(Excerpt) Read more at cnbc.com ...
Go President Trump!
“unexpectedly”...
Yeah, they used “unexpectedly” but what they really meant was “unfortunately” (for them)
Listen to the “expert.” This is like a “free play” in football with a penalty, “sort of a touchdown.”
No, dipstick, it IS a touchdown. You’re about to be outscored 200-0 over the next eight years.
And what? During the 8 long years of Obama he could never muster more than 1% or 2% growth. Eight... long... years.
The USA is coming out of the Great Depression II.
WINNING!! If it were not for hurricanes and Mexifornia fires it would have been 4%!
The new normal, doncha’kno?
New normal, my rear.
This, in spite of hurricanes tearing up the Gulf Coast and parts of Florida.
If every time I submitted my department’s monthly report I used the word “unexpectedly” to describe our performance I’d be called out on it, and my employer would eventually find someone who has a better grasp on things to replace me .
Unexpectedly
'
Sick of Winning?! Not yet!
Bring on the tax cuts and watch the economy grow at 5%, 6% even 7% if properly implemented. If made retroactive, see a fourth quarter of 5% growth! Merry Christmas America!
Hey idiot RINO’s PASS THE TAX CUTS & you can control DC for a generation!
I had a Facebook conversation yesterday with a rabid Trump-hater who was incredulous that I predicted Trump will be a two-term President. When she asked how could I possibly think such a thing this was exactly the kind of evidence I pointed to.
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