BOOM! Third Quarter GDP Revised Up to 3.3%

The economy’s rate of economic growth was revised up Wednesday to the fastest pace in three years, the Commerce Department said Wednesday.

Gross domestic product grew at a 3.3 percent annualized rate in the July through September period, an increase from the previous estimate of three percent. The increase means economic growth was stronger in the third quarter than previously believed despite the damage done by hurricanes Harvey and Irma

The revision also shows that the economy has been growing at a rate closer to what President Donald Trump said he would achieve than what many economic forecasters thought was likely.

Consumer spending grew at a 2.3 percent rate. Corporate pretax earnings rose 5.4 percent compared with a year earlier.

The most recent GDP report is the second of three estimates. The final read is due in December.