US GDP increased at an annual rate of 3% according to the BEA’s 2nd 4th quarter GDP estimate. Nominal GDP is at $15.3 trillion and real GDP is at $13.4 trillion. Contributing to the increase is a rise in gross private domestic investment, personal consumption expenditures, and state and local gross investment. The rise was mitigated by an increased trade deficit and less federal spending both defense and non-defense. It appears that, at least for now, the private sector is capable of offsetting relatively flat federal spending.
For more information, see our GDP report.
–From the St. Louis Federal Reserve and the Bureau of Economic Analysis