Real GDP for the third quarter of 2016 grew at a seasonally adjusted annual rate of 3.5%, according to the Bureau of Economic Analysis’s third estimate, up from the second estimate of 3.2%. The general picture of economic growth remains the same.
The change in GDP estimates reflected upward revisions to nonresidential fixed investment, personal consumption expenditures, and state and local government spending.
The upward revision to nonresidential fixed investment reflected an upward revision to intellectual property products.
The revision to consumer spending reflected upward revisions to spending by nonprofit institutions and to financial services.
The revision to state and local government spending was primarily due to an upward revision to investment in structures.
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