Real gross domestic product (GDP) increased at an annual rate of 3.3% in the third quarter of 2017 according to the “second” estimate released by the Bureau of Economic Analysis.
Real gross domestic income (GDI) increased 2.5% in the third quarter, compared with an increase of 2.3%(revised) in the second. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.9% in the third quarter compared with an increase of 2.7% in the second quarter.
For the second quarter of 2017, the percent change in real GDI was revised from 2.9% to 2.3% percent based on newly available second-quarter tabulations from the BLS Quarterly Census of Employment and Wages program.
Hurricanes provided a GDP boost in the third quarter and may do so again in the fourth quarter. Payback comes in 2018. Hurricanes are not good for the economy. Ask Puerto Rico.
Mike “Mish” Shedlock
How we figure the GDP is massively flawed. Something seems very wrong with the fact that soaring healthcare costs are one of the biggest drivers in pushing America’s GDP higher. This healthcare spending has slipped into the false narrative of a “growing economy” spoken by people with a poor understanding of what constitutes real growth.
While money spent on healthcare feeds the illusion of growth what we are really seeing is a transfer of wealth from one sector of the economy to another. This is much like another tax that is simply being recycled back into the system. The piece below exposes why labeling this growth is so misleading.
link to brucewilds.blogspot.com
driven by what?Let me guess lol,moar gov’t spending (borrowing lol).soaring obamacaid cost,soaring tax increases,soaring inflation,surge in sec 8 apps,surge in ebt apps,no doubt gov’t is booming
Homeowner’s Insurance should be going up a lot next year to pay for the hurricane damages. That should add a lot to GDP.
I suspect most, if not all, of our GDP growth nowadays come from higher medical costs.