Commerce ups Q3 2017 U.S. GDP estimate

United States gross domestic product increased 3.3 percent in the third quarter of 2017, according to the “second” estimate from the Department of Commerce, up from the “advance” estimate of 3 percent.    United States gross domestic product (GDP) – the broadest measure of a nation’s overall economic health – grew at an annual rate of 3.3 percent in the third quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis, up from the first estimate of 3 percent.   
   With this second estimate for the third quarter, the general picture of economic growth remains the same; nonresidential fixed investment, state and local government spending, and private inventory investment were revised up from the prior estimate, the department said.
   In the second quarter, GDP increased 3.1 percent. GDP is a calculation of the value of the goods and services produced by a nation’s economy minus the value of the goods and services used up in production.
   Meanwhile, the U.S. Census Bureau revealed that new orders for manufactured durable goods in October decreased $2.8 billion or 1.2 percent to $236 billion, following a 2.2 percent September increase. Transportation equipment drove the decrease, $3.5 billion or 4.3 percent to $77.1 billion.