US GDP increased at an annual rate of 3.3 percent in third quarter of 2017

"Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the third quarter of 2017, according to the "second" estimate," the Bureau of Economic Analysis reported on Wednesday.

Key highlights

In the second quarter, real GDP increased 3.1 percent.

In the advance estimate, the increase in real GDP was 3.0 percent.

With this second estimate for the third quarter, the general picture of economic growth remains the same.

Nonresidential fixed investment, state and local government spending, and private inventory investment were revised up from the prior estimate.

The increase in real GDP in the third quarter reflected positive contributions from PCE, private inventory investment, nonresidential fixed investment, and exports that were partly offset by a negative
contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP.

The PCE price index increased 1.5 percent, compared with an increase of 0.3 percent.

Excluding food and energy prices, the PCE price index increased 1.4 percent, compared with an increase of 0.9 percent