The U.S. economy grew by 2.8% in the third quarter per the Bureau of Economic Analysis’ second estimate for that time period, matching their first estimate reported in October. By comparison, we saw 3% and 1.6% growth in the second and first quarters of this year.
What’s the bottom line? Economic activity in the third quarter was driven by consumer spending, exports, federal governmentspending and business investment. Note that this data is subject to revision when the final reading is released on December 19.