The late afternoon sun moves behind an American flag Monday, Aug. 9, 2010, in Lawrence, Kan. The area is under an excessive heat warning. (AP Photo/Orlin Wagner)
© 2024 Blaze Media LLC. All rights reserved.
"America is just killing it."
Last month's estimate: 3.9 percent.
The new revision: a full 5 percent.
That's a big move in GDP growth — and the fastest the economy has grown since 2003.
Estimates for U.S. third quarter GDP growth have been upgraded yet again, moving from advance estimates of 3.5 percent all the way up to 5 percent, according to the Bureau of Economic Analysis figures released Tuesday morning.
Uncle Sam had a lot to do with the third quarter increase: National defense spending jumped 16 percent and federal government expenditures jumped 9.9 percent.
But a drop in imports (imports subtract from GDP) and accelerating personal consumption expenditures, up to 3.2 percent from earlier estimates of 2.2 percent, also helped boost total GDP growth.
As Business Insider's Sam Ro put it, "America is just killing it" — according to the official stats, at least.
—
Follow Zach Noble (@thezachnoble) on Twitter
Want to leave a tip?
We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?
more stories
Sign up for the Blaze newsletter
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.
© 2024 Blaze Media LLC. All rights reserved.
Get the stories that matter most delivered directly to your inbox.
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.