Chart of the Day: GDP Growth in Q3

The economy grew at an annualized rate of 3.0 percent in the third quarter of 2017. This is a pretty good result, especially considering the revision of last quarter’s growth to 3.1 percent. That’s two quarters in a row of 3 percent growth. Third quarter growth was mostly driven by a sizeable increase in the purchase of consumer durable goods (cars, refrigerators, etc.) and an even bigger increase in the purchase of commercial equipment (computers, backhoes, etc.). Investment in housing was down considerably for the second quarter in a row.

Disposable personal income increased by $51 billion less than in the second quarter. Consumers apparently made up for this by eating into savings, which decreased $51 billion compared to the second quarter. This is a small red flag, but nothing to get too concerned about unless it keeps up.

Aside from the fact that Donald Trump will start crowing about how growth like this has never been seen before in human history, this is basically good news. I remain concerned about some signs here and there that point to a fairly tired expansion, but so far there’s no indication that the US economy is in anything but pretty decent shape.

IT'S NOT THAT WE'RE SCREWED WITHOUT TRUMP:

"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. It's our first time asking for an outpouring of support since screams of FAKE NEWS and so much of what Trump stood for made everything we do so visceral. Like most newsrooms, we face incredibly hard budget realities, and it's unnerving needing to raise big money when traffic is down.

So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

payment methods

IT'S NOT THAT WE'RE SCREWED WITHOUT TRUMP:

"It's that we're screwed with or without him if we can't show the public that what we do matters for the long term," writes Mother Jones CEO Monika Bauerlein as she kicks off our drive to raise $350,000 in donations from readers by July 17.

This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate