October 27, 2017

Consumption growth accounted for the vast majority of the increase in final demand, adding 1.62 percentage points to GDP growth in the last quarter. A 14.7 percent growth in car sales was a big part of this story. This is likely due to people replacing cars destroyed by the hurricanes. Excluding cars and other durable goods, consumption growth was modest. Non-durables grew at a 2.1 percent rate and services at just a 1.5 percent rate. For more, check out the latest GDP Byte.

Consumption Share of GDP, 1970 to 2017