Consumption was the largest contributor to GDP growth, accounting for 1.5% of the gain, down from 2.9% during the second quarter. Consumption spending increased to an annual rate of $11.6 trillion, up $60.9 billion from the preceding quarter. Net exports also contributed strongly to GDP, accounting for 0.8% of growth.
Residential fixed investment was one of the largest negative contributors, subtracting a total of 0.2% from GDP. Imports were also a drag on GDP, subtracting 0.3% from growth.
Government spending increased during the quarter, as an increase in federal government spending offset a decrease in state and local government spending. Government spending increased by by a seasonally adjusted and annualized $3.6 billion.
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