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