U.S. economy surges to strongest GDP growth in 2 years

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published 28 October 2016

The U.S. economy surged in the third quarter, with gross domestic product growing at an annualized rate of 2.9 percent, the Commerce Department reported Friday. The growth in this latest quarter was the best since the third quarter of 2014, when GDP grew by 5 percent.

By comparison, GDP growth in the previous three quarters was 1.4 percent, 0.6 percent, and 0.9 percent.

The expected growth for July through September had been about 2.5 percent, according to economists who spoke with The Wall Street Journal; it also exceeded Bloomberg's predictions of 2.6 percent.

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The boost in the third quarter "largely reflected increased exports and a buildup of inventories, while consumer spending increased at a slower rate," The Wall Street Journal reports.

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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.