U.S. Economy Grew at 3% Rate in 3rd Quarter, Despite Storms

In a show of resilience, the American economy grew at a solid pace in the latest quarter despite the impact of the hurricanes in Texas and Florida.

The nation’s gross domestic product, a key indicator of economic strength, expanded at an annual rate of 3 percent in the third quarter, the Commerce Department reported on Friday. Economists initially expected that Hurricanes Harvey and Irma would deal a blow to the country’s steady growth, but became more optimistic in recent weeks.

The destruction wrought by the storms was outweighed by the continued spending of consumers and businesses. The job market is lively, and the stock market has rallied to record highs. Chief executives and consumers are more confident than they have been in more than a decade, recent surveys show.

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