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July 29, 2016US GDP 2016 Q2 (ADVANCE ESTIMATE) 
The US economy (real GDP) grew at a seasonally adjusted annualized rate of 2.9 per cent in the third quarter of 2016 according to the "advance" estimate released by the Bureau of Economic Analysis, an improvement over the revised second quarter growth rate of 1.4 per cent. For comparison, Canadian real GDP declined by a seasonally adjusted annualized rate of -1.6 per cent in the second quarter of 2016.
Positive contributions to US real GDP growth in 2016 Q3:
- Personal consumption expenditures were up 2.1 per cent with gains in both goods and services.
- Exports were up 10.0 per cent with a gain in goods exports of 14.5 per cent and in service exports of 2.1 per cent.
- A positive gain in inventories.
- Government consumption and gross investment expenditure increased by 0.5 per cent with increased federal spending of 2.5 per cent offsetting decreased spending by state and local governments.
Offsetting factors:
- Real fixed investment declined for the fourth consecutive quarter, with a reduction in residential investment (-6.2 per cent) only partially offset by an increase in nonresidential investment (1.1 per cent).
- An increase in imports of 2.4 per cent with a gain in goods imports of 0.9 per cent and in service exports of 8.8 per cent.
The current-dollar GDP measure was up 4.4 per cent in the quarter, faster than the revised second quarter increase of 3.7 per cent.
Source: US Bureau of Economic Analysis