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
Economy Beats Expectations, Giving Trump a Victory
In this Oct. 6 photo, workers build an apartment and retail complex in Nashville, Tenn.   (AP Photo/Mark Humphrey)

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.

(More US economy stories.)

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