2023-11-29 13:36:51
The revised U.S. real gross domestic product (GDP) for the July-September period (third quarter) has been revised upward from preliminary figures, marking the highest growth rate in regarding two years. This reflects upward revisions to capital investment and government spending.
Key Points Revised U.S. real gross domestic product (GDP) increased at an annual rate of 5.2% compared to the previous quarter, revised upward from the preliminary figure of 4.9%.The median economist estimate for the revised figure was 5%.In the previous quarter, personal consumption increased by 2.1%. The revised figure is 3.6% higher.The preliminary figure of 4% increase has been revised downward.The median economist forecast is a 4% increase.
The downward revision in personal consumption is once morest the backdrop of slowing growth in service spending. Capital investment has been revised upward to 1.3%. Solid investment in structures contributed. Housing investment also grew faster than preliminary figures.
Gross domestic income (GDI), another key indicator, increased by 1.5% in the July-September period. Average GDP and GDI increased by 3.3%, more than double the average pace of growth in the first half of this year. The committee at the National Bureau of Economic Research (NBER), which dates business cycles, keeps a close eye on the average.
Although personal consumption has been revised downward from preliminary figures, it remains at a solid level supported by the firmness of the employment market and travel demand. Although it appears to be losing momentum towards the end of the year, it is not in a situation where it will collapse drastically.
The personal consumption expenditure (PCE) price index, an inflation indicator closely watched by the US financial authorities, has been revised downward to an annual rate of increase of 2.8%. The core PCE price index, which excludes food and energy, was also revised downward to 2.3%.
Corporate profits (adjusted, before tax) rose by the most in more than a year. Although mainly driven by the non-financial sector, profits of financial institutions also increased.
See table for detailed statistics.
Original title:US Economy Grew 5.2% in Third Quarter, More Than First Estimate(excerpt)
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