GDP expanded at 2.1 percent rate in 3rd quarter, faster than previously estimated

GDP expanded at 2.1 percent rate in 3rd quarter, faster than previously estimated
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The economy grew at a 2.1 percent annual pace in the third quarter, up from the 1.9 percent rate previously reported by the Commerce Department.

“The increase in real GDP [gross domestic product] in the third quarter reflected positive contributions from PCE, federal government spending, residential investment, private inventory investment, exports, and state and local government spending that were partly offset by a negative contribution from nonresidential fixed investment,” the Commerce Department said Wednesday.

The figure is well below the 3 percent annual growth rate the Trump administration promised its policies would produce regularly, but has yet to achieve.

Corporate profits were also down significantly, falling to $4.6 billion from $75.8 billion in the previous three months.

The overall revision comes amid a flurry of improving economic data, including soaring stock prices, strong consumer sentiment and continued low levels of unemployment, all of which could put the wind in President TrumpDonald John TrumpNew Bob Woodward book will include details of 25 personal letters between Trump and Kim Jong Un On The Money: Pelosi, Mnuchin talk but make no progress on ending stalemate | Trump grabs 'third rail' of politics with payroll tax pause | Trump uses racist tropes to pitch fair housing repeal to 'suburban housewife' Biden commemorates anniversary of Charlottesville 'Unite the Right' rally: 'We are in a battle for the soul of our nation' MORE’s sails as he seeks reelection.