Economic Trends
U.S. Cutting Tool Orders Tick Down in August, Shipments Hold Steady
October 21, 2026
Economic Trends
Advance: U.S. 3Q GDP Grew 2.8%
It decelerated from 2Q, reflecting a downturn in private inventory investment and residential fixed investment.
Real gross domestic product increased at an annual rate of 6.9% in the fourth quarter of 2021, according to the “third” estimate released by the Bureau of Economic Analysis.
U.S. economic growth modestly decelerated in the third quarter of 2024, falling short of economists’ expectations but posting an overall solid period in the face of moderating inflation and high borrowing costs.
The U.S. Bureau of Economic Analysis shared an advance report on Oct. 30,showing that the nation’s real gross domestic product grew at an annualized rate of 2.8% in 2024’s third quarter. That is down from 2Q24’s 3.0%, and below the forecasted 3.1% growth for 3Q based on the economists surveyed by the Associated Press.
The 3Q GDP estimate will be revised in a second report issued Nov. 27.
The BEA said the 3Q real GDP deceleration primarily reflected a downturn in private inventory investment and a larger decrease in residential fixed investment.
Despite a deceleration from 2Q24, the BEA reported increases in consumer spending, exports and federal government spending. Imports — which are subtracted from GDP — also increased.
