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US economy expands at 3.6 percent rate in Q3 but business stockpiles drive half of the growth

The U.S. economy grew at a 3.6 percent annual rate from July through September, the fastest since early 2012. But nearly half the growth came from a buildup in business stockpiles, a trend that could reverse in the current quarter and hold back growth.

The Commerce Department's second estimate of third-quarter growth was much higher than the initial 2.8 percent rate reported last month. And it was well above the 2.5 percent growth rate for the April-June quarter.

But almost the entire third-quarter revision came from a big jump in stockpiles. Consumer spending, the lifeblood of the economy, was the weakest in nearly four years.

When excluding inventories, the economy grew at a 1.9 percent rate in the third quarter, down from 2.1 percent in the spring.

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Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.98% dw 4.08%  
15 Y Fixed Graph 3.09% dw 3.11%  
30 Y Fixed Jumbo Graph 4.20% -- 4.20%  
5/1 ARM Graph 3.20% dw 3.22%  
5/1 Jumbo ARM Graph 3.51% up 3.47%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.30% up 4.26%  
$50K HELOC Graph 3.97% up 3.95%  
$30K Loan Graph 4.99% -- 4.99%  
$50K Loan Graph 4.34% -- 4.34%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.94% dw 2.96%  
36 M Used Graph 3.48% dw 3.50%  
48 M New Graph 3.19% dw 3.23%  
48 M Used Graph 2.99% dw 3.06%  
60 M New Graph 3.20% dw 3.25%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% dw 0.40%  
1 yr Graph 0.70% -- 0.69%  
5 yr Graph 1.55% up 1.53%