Infographic: US GDP Growth Revised Up To 2.1% In Q3

Marking the 22nd consecutive quarter of growth, the U.S. real gross domestic product increased at an annual rate of 2.1 percent in the third quarter of 2019. That’s up from an advance estimate of 1.9 percent dating back to October 30 and from 2.0 percent in the preceding quarter.

As the Bureau of Economic Analysis reported on Wednesday, “the increase in real GDP 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 latest reading, indicating a slight acceleration in GDP growth, could help alleviate growing concerns over an imminent economic downturn in the United States. The Conference Board Consumer Confidence Index fell for the fourth consecutive month in November, but, according to Lynn Franco, Senior Director of Economic Indicators at The Conference Board, “Overall, confidence levels are still high and should support solid spending during this holiday season."

For 2020, economists are expecting growth to remain around 2 percent in the United States.