Daily Update (Source: RBC Financial Group
US GDP grew by a stronger than expected 3.5% in the third quarter
Oct 30, 2014
- The advance estimate of third-quarter 2014 gross domestic product (GDP) growth was 3.5% (at an annualized rate), which was above market expectations for a 3.0% increase. Although a solid pace of growth, the third-quarter gain was smaller than an outsized 4.6% jump in the second quarter when activity rebounded from a 2.1% weather-related drop in the first quarter.
- Much of the upward surprise on overall third-quarter 2014 GDP growth reflected a larger than expected 4.6% jump in government spending. Growth in consumer spending slowed to 1.8% from 2.5% in the second quarter, as expected, while residential and business investment each increased less than expected.
- GDP growth remained solid in the third quarter
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