From the Congressional Joint Economic Committee:
“The Bureau of Economic Analysis (BEA) announced today that the gross domestic product (GDP) grew at a seasonally-adjusted annual rate of 3.7 percent during the 3rd quarter of 2004. Major contributors to growth during the 3rd quarter were consumer spending and business investment. Over the past year, average quarterly growth was nearly 4 percent. The economy has now expanded for 12 consecutive quarters.
Highlights:
* GDP grew at a seasonally-adjusted annual rate of 3.7 percent during the 3rd quarter of 2004. GDP increased by 4.5 percent in the 1st quarter of 2004, and by 3.3 percent in the 2nd quarter of 2004.
* Major contributors to GDP growth in the 3rd quarter were consumer spending, which increased by 4.6 percent, and robust business investment, which increased by 11.7 percent.
* Strong consumer spending was responsible for more than 80 percent of total growth during the 3rd quarter.
* Business investment has now increased for 6 consecutive quarters.
* Despite rising oil prices, inflationary pressures remained relatively low. The personal consumption expenditures deflator – the Federal Reserve’s preferred measure of inflation – increased at an annual rate of 1.1 percent during the 3rd quarter.”
The full report can be seen here.
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