According to a report from the Bureau of Economic Analysis, the real gross domestic product (GDP) of the United States is predicted to increase by 3.0 percent in the third quarter of 2017. Coupled with the 3.1 percent increase in the previous quarter, this would mark the first time since 2014 that the GDP increased by three percent or more in consecutive quarters.
The growth is being attributed to increased personal spending, exports and government funding levels. The percentage increase in gross domestic purchasing doubled between the two quarters and levels of disposable personal income increased by 2.1 percent, even though personal incomes dropped slightly. This was offset by higher levels of government assistance, some of which can be attributed to hurricane relief efforts along the Gulf Coast.
Key quarter-to-quarter increases impacting the industrial sector included a 0.6 percent increase in the consumption of durable goods. This was led by significant growth in the purchasing of motor vehicles and parts, household appliances and food products. The level of imported goods also decreased by 1.8 percent.
These numbers help reinforce a collective of positive economic data relating to growth in both the U.S. economy and the industrial sector. Although it’s slower than some analysts would prefer, these steady but unspectacular increases are projected to carry on throughout 2018. Beyond that, much will depend on global energy prices that have been kept at bay by a supply-heavy marketplace.