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November 24, 2021US GDP 2021 Q3 (SECOND ESTIMATE) 
Today, the Bureau of Economic Analysis released the second estimate of Q3 2021 US Real Gross Domestic Product (GDP).
US real GDP growth was revised up 0.1 percentage points to 2.1% (seasonally adjusted annualized rate) in Q3 2021. This quarter's result follows growth of 6.7% in the previous quarter and is the fifth consecutive quarter of GDP growth as the US economy rebounds from pandemic restrictions in the first half of 2020. US real GDP exceeded pre-pandemic (Q4 2019) levels by 1.4% in Q3 2021.
US economic growth in the third quarter reflected increases in private inventory investment (wholesale and retail trade), personal consumption expenditures (due to growth in services as goods expenditure declined), state and local government spending (primarily on employee compensation) and non-residential fixed investment (intellectual property products gains offset declines in structures and equipment). These positive contributions were partially offset by declines in residential fixed investment, federal government spending, and exports. Imports increased for the quarter. Upward revisions were made to personal consumption expenditures and inventories.
Current-dollar GDP increased 8.1% at an annualized rate, up 0.3 percentage points. The personal consumption expenditure price index increased 5.3% in Q3 compared to 6.5% in Q2. Excluding food and energy prices, the price index increased 4.5% in Q3 and 6.1% in Q2.
A seasonally adjusted annualized rate shows what the percent change would be if the quarterly rate was compounded for four quarters. Reporting annualized rates facilitates comparability between annual and quarterly growth but can exaggerate change when series are volatile. US GDP did not grow by 2.1% from Q2 2021 to Q3 2021. Rather it would take four quarters of compounded growth at the same pace as reported in Q3 to increase US GDP by 2.1%. US real GDP increased 0.5% from Q2 2021 to Q3 2021 (seasonally adjusted, non-annualized).
Source: US Bureau of Economic Analysis
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