Real gross domestic product (GDP) increased 1.5 percent in the third quarter of 2015, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.9 percent.
GDP highlights
The third-quarter increase in real GDP mainly reflected a rise in consumer spending. Spending on services increased, notably on health care. Spending on nondurable and durable goods also rose.
State and local government spending, business investment, exports, and residential investment also contributed to the increase in GDP.
Partly offsetting these contributions to GDP growth, private inventory investment fell, mainly in wholesale trade and in manufacturing.
Final sales of domestic product—GDP less inventory investment—increased 3.0 percent in the third quarter.
Personal income and saving
Real disposable personal income (DPI), which adjusts for taxes and inflation, rose 3.5 percent in the third quarter after increasing 1.2 percent in the second quarter.
Personal saving as a percentage of DPI was 4.7 percent in the third quarter, following 4.6 percent in the second quarter.
Prices
Prices of goods and services purchased by U.S. residents—gross domestic purchases prices— increased 1.3 percent in the third quarter after increasing 1.5 percent in the second quarter.
Prices of energy goods and services turned down in the third quarter, while food prices turned up.
Excluding food and energy, gross domestic purchases prices increased 1.3 percent in the third quarter after increasing 1.2 percent in the second quarter.
For more information, read the full report.