Third Quarter GDP Grows 3.5%
Washington, DC, Oct. 30, 2014 -- Gross domestic product in the third quarter grew more than economists anticipated.
GDP expanded at a seasonally adjusted annual rate of 3.5% in the third quarter, the Commerce Department said. Economists were looking for growth of 3.2%.
The gains were broad-based. Imports fell while government spending rebounded during the quarter. Consumer spending and business investment held steady. Business inventories and housing underperformed.
According to the report, spending on home construction and improvements grew at a 1.8% rate in the second quarter after advancing at an 8.8% annual rate in the second quarter.
New-home construction is only a little ahead of last year’s levels.