The U.S. Commerce Department's Bureau of Economic Analysis today released its first estimate of gross domestic product (GDP) growth for the third quarter of 2013. Real GDP increased 2.8 percent at annual rate, an increase from a 2.5 percent annual growth rate from the previous quarter. This is higher than the expectations of market observers, most of whom were expecting a more modest 1.9 percent increase.
"Today's advance estimate of real GDP shows that our economy continues to improve," said U.S. Secretary of Commerce Penny Pritzker. "The economy grew at its fastest pace since the third quarter of 2012. However, a lot of work remains to build on that progress, and it is crucial that we avoid the manufactured crises that hurt the economy early in the fourth quarter. The U.S. Department of Commerce will continue our efforts to help American businesses grow and create jobs."