Chart of the Day: GDP Growth in Q3

The economy grew at an annualized rate of 3.0 percent in the third quarter of 2017. This is a pretty good result, especially considering the revision of last quarter’s growth to 3.1 percent. That’s two quarters in a row of 3 percent growth. Third quarter growth was mostly driven by a sizeable increase in the purchase of consumer durable goods (cars, refrigerators, etc.) and an even bigger increase in the purchase of commercial equipment (computers, backhoes, etc.). Investment in housing was down considerably for the second quarter in a row.

Disposable personal income increased by $51 billion less than in the second quarter. Consumers apparently made up for this by eating into savings, which decreased $51 billion compared to the second quarter. This is a small red flag, but nothing to get too concerned about unless it keeps up.

Aside from the fact that Donald Trump will start crowing about how growth like this has never been seen before in human history, this is basically good news. I remain concerned about some signs here and there that point to a fairly tired expansion, but so far there’s no indication that the US economy is in anything but pretty decent shape.

THANK YOU.

We recently wrapped up the crowdfunding campaign for our ambitious Mother Jones Corruption Project, and it was a smashing success. About 10,364 readers pitched in with donations averaging $45, and together they contributed about $467,374 toward our $500,000 goal.

That's amazing. We still have donations from letters we sent in the mail coming back to us, so we're on pace to hit—if not exceed—that goal. Thank you so much. We'll keep you posted here as the project ramps up, and you can join the hundreds of readers who have alerted us to corruption to dig into.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate

Share your feedback: We’re planning to launch a new version of the comments section. Help us test it.