Economy grows at 3% rate in third quarter, despite negative impact from hurricanes

• October 27, 2017
• realestatelife
• Announcements, Business & Markets, Real Estate, Real Estate Finance

The U.S. grew at a solid 3% annual pace in third quarter despite damage from two hurricanes, according to Commerce Department data. That’s above economist’s expectations of a 2.7% growth rate, according to a MarketWatch survey, and only slightly below the 3.1% growth rate in the second quarter. The last time the economy had two consecutive quarters of above-3% growth was in 2014. The government said it couldn’t say exactly how much hurricanes Harvey and Irma sliced from growth in the July-September quarter. Because Puerto Rico is not a state, hurricane Maria does not factor in the government’s GDP calculations.