US economy growth in Q3 2017 was revised upwards

US economy growthThe US economy growth in Q3 2017 was revised upwards to the highest figure in three years thanks to higher investment from the business and government agencies. The increase is 3.3% annual growth rate, with the previous reading showing an expansion of 3%.

The calculations of consumer spending growth – the bulk of the economy – are revised downwards: from 2.4% to 2.3%. The cost of business equipment increases by 10.4%, which is a 3-year peak, revised from 8.6%.

The corporate pre-tax profits rose by 5.4% on an annual basis.

The biggest improvement comes from business investment, which adds 1.2 percentage points to growth. The first reading showed a contribution of 0.98 percentage points. The net exports add 0.43 percentage points to growth, compared to 0.41 points, as the first calculations showed.

The government spending grew by 0.4%, not declining by 0.1%, as the first reading showed.

A final third reading of US GDP data is expected in December.