GDP is estimated to have grown by 3.5% in the third quarter of 2018, according to the Bureau of Economic Analysis. While this is down from 4.2% from the second quarter, it’s still higher than any other increase in the last 4 years. In other words, GDP slowed down from the last quarter but still had a relatively high increase. This deceleration was largely due to fewer exports and less nonresidential investment in the third quarter.
Personal income went up by $180 billion in Q3, roughly the same as last quarter. This was driven by better wages and salaries, while dividend income slowed down. In the meantime, personal savings dipped down a bit from last quarter, from $1.05 trillion to just under $1 trillion. The savings rate also had a small decrease from 6.8% in Q2 to 6.4%. So, while income stayed the same, people are saving a bit less money than they did last quarter.
Overall, the hot economic gains seen over the summer have started to cool off, but GDP and income are still at very healthy levels.
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