According to a Reuters survey of economists, gross domestic product likely increased at a 2.5 percent annual rate in the July-September period after a brisk 3.1 percent pace in the second quarter. The Commerce Department will publish its first estimate of third-quarter GDP growth on Friday at 8:30 a.m. EDT (1230 GMT). Without the hurricane-related disruptions, economists say third-quarter GDP growth would have either matched or beat the pace set in the April-June quarter. Economists estimate that Harvey and Irma, which devastated parts of Texas and Florida, chopped off at least one percentage point from third-quarter GDP growth. Hurricanes Harvey and Irma, which hurt incomes and undercut retail sales in August, likely crimped consumer spending in the third quarter.

Source: bd News24 October 27, 2017 04:52 UTC