US economy expands by 2.8% in Q3

‘In line with the preliminary estimate’

US GDP grew by 2.8% on a year-by-year basis in the third quarter, according to the latest data from the US Bureau of Economic Analysis.

According to BEA, the increase in GDP marked a drop from the previous quarterly rate of 3%. The Q3 growth was mostly driven by increases in consumer spending, exports, federal government spending, and business investment. In the consumer spending sector, the leading contributors were other nondurable goods (with prescription drugs taking a lead) and motor vehicles and parts (used light trucks topping the list). Next US president set to inherit an economic hodgepodge Within the services sphere, the leading contributor to the increase was healthcare (both outpatient services and h...