MA’s Monthly GDP Measure Rose 0.3% in August

Monthly GDP rose 0.3% in August following a flat reading in July that was revised up one-tenth.  The increase in August reflected positive contributions from nonfarm inventory investment and net exports that were partially offset by a negative contribution from domestic final sales.  The level of GDP in August was 3.8% above the second-quarter average at an annual rate, indicating the US economy was benefiting from solid momentum prior to Hurricanes Harvey and Irma.  Our latest forecast of 2.7% GDP growth in the third quarter assumes a 0.5% (monthly rate) decline in September, reflecting our assumptions for the effects of the hurricanes.


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