REUTERS/Mike Segar
Economists estimate GDP grew at a 3.0% rate during the period with personal consumption rising 1.9%.
"Real GDP growth is expected to rise at about a 3% annualized pace in Q3 and will likely average about that same rate over the next two years," Wells Fargo's John Silvia said. "Consistent with figures reported in the second quarter, gains should be fairly broad-based. Based on the trend, consumer spending is expected to stay on track despite the disappointing headline retail sales reading in September. Core retail sales on a three-month annualized basis posted another solid reading. Stronger job growth helped boost personal income, and lower retail gasoline prices are giving consumers a reprieve at the pump. Business spending and homebuilding continue to firm and should make another positive contribution to the headline. On the back of improving state and local tax receipts, government outlays are also positioned to strengthen. "