Despite two hurricanes and reductions in infrastructure and consumer spending, the U.S. GDP grew at a rate of 3 percent annually during the third quarter, the Commerce Department said Friday. This is the first time in three years that the GDP has maintained an annual growth rate of at least 3 percent for two consecutive quarters, ABC News reports.
While damage from Hurricanes Harvey and Irma expectedly slowed certain portions of the economy, inventory increases and a smaller trade deficit helped keep the growth rate high. (Hurricane Maria, which devastated Puerto Rico, had no effect on the percent growth as the island territories are not included in the U.S.'s national accounts, CNBC notes.)
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Long summer days in Iceland's highlandsThe Week Recommends While many parts of this volcanic island are barren, there is a 'desolate beauty' to be found in every corner
-
The Democrats: time for wholesale reform?Talking Point In the 'wreckage' of the election, the party must decide how to rebuild
-
5 deliciously funny cartoons about turkeysCartoons Artists take on pardons, executions, and more
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
