U.S. economy grew at annual pace of 3.3% from July through September, fastest in three years

U.S. economy grew at annual pace of 3.3% from July through September, fastest in three years

[Ed. – Yeah, maybe so, but Trump is still a doodyhead.]

Led by a rise in business investment, the U.S. economy grew at an annual pace of 3.3 percent from July through September, its fastest rate in three years.

The Commerce Department estimated Wednesday that third-quarter growth exceeded the 3 percent annual expansion it had initially reported last month.

The performance, achieved despite damage from two devastating hurricanes, marked the fastest expansion in gross domestic product — the broadest gauge of economic output — since a 5.2 percent annual spurt in the third quarter of 2014.

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The estimated growth for the July-September quarter marked an improvement on 3.1 annual growth in the second quarter and a 1.2 annual pace in the January-March quarter.

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Before the revised third-quarter numbers came out, the Federal Reserve Bank of Atlanta was forecasting that growth would rise to a 3.4 percent annual pace in the final three months of 2017, which could bring growth for the year close to 2.8 percent. In 2016, the economy grew just 1.5 percent.

The economy showed resilience last quarter in the face of two hurricanes: Harvey, which hit Texas in late August, and Irma, which battered Florida in September.