2 in a Row: Economy Hits a Milestone
GDP grows at 3% for 2 straight quarters, first time in 3 years
By Newser Editors and Wire Services
Posted Oct 27, 2017 8:31 AM CDT
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In this Oct. 6 photo, workers build an apartment and retail complex in Nashville, Tenn.   (AP Photo/Mark Humphrey)

(Newser) – The US economy, helped by strong business investment, grew at a solid annual rate of 3% in the third quarter. It marks the first time in three years that growth has hit that mark for two consecutive quarters, per the AP. The Commerce Department says the July-September advance in the gross domestic product—the country's total output of goods and services—followed a 3.1% rise in the second quarter. It was the strongest two-quarter showing since back-to-back gains of 4.6% and 5.2% in the second and third quarters of 2014.

The economy accelerated this summer despite the impact of hurricanes Harvey and Irma, which many private economists believe shaved at least one-half percentage point off growth. The Wall Street Journal sees the growth as "particularly impressive" because of those storms, having forecast something closer to 2.7%. The Washington Post, meanwhile, calls the report a victory for President Trump, as the figure met his goal. "The challenge for Trump will be to get faster growth for an entire year," writes Heather Long.


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