U.S. gross domestic product for the July-through-September period expanded 2.5 percent, nearly double the 1.3 percent rate of growth in the second quarter and much faster than the first quarter’s tepid increase of 0.4 percent. The economy has now grown for nine consecutive quarters.
Consumer sales of durable goods such as automobiles jumped 4.1 percent in the quarter. In addition, spending on services jumped 3 percent to the highest level in five years.
Businesses ratcheted up investment by 16.3 percent in the third quarter, the highest level in more than a year. Purchases of software and equipment surged 17.4 percent.
American exports rose 4.0 percent. Domestic manufacturers have led the U.S. recovery since the end of the Great Recession, in large part by boosting exports.
