Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022 (see, Table), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. Most of the positive private sector growth occurred in the transportation sector, buoyed by summer vacation travel and some normalcy after being hit hard by the Covid-19 pandemic and lingering shutdowns.  The "second" estimate for the third quarter, based on more complete data, will be released on November 30, 2022.