U.S. Economy Grew More Than Initially Estimated In Third Quarter
27 Noviembre 2019 - 3:49AM
RTTF2
Revised data released by the Commerce Department on Wednesday
showed the U.S. economy grew by more than initially estimated in
the third quarter.
The Commerce Department said real gross domestic product jumped
by 2.1 percent in the third quarter compared to the previously
estimated 1.9 percent increase. Economists had expected the pace of
GDP growth to be unrevised.
With the upward revision, the GDP growth in the third quarter
represents an acceleration from the 2.0 percent increase in the
second quarter.
The stronger than previous estimated growth reflects upward
revisions to private inventory investment, non-residential fixed
investment, and consumer spending.
However, the report said the upward revisions were partially
offset by a downward revision to state and local government
spending.
The Commerce Department said the GDP growth in the third quarter
reflected positive contributions from consumer spending, federal
government spending, residential investment, private inventory
investment, exports, and state and local government spending.
A negative contribution from non-residential fixed investment
limited the upside along with an increase in imports, which are a
subtraction in the calculation of GDP.
"Overall, we're still expecting economic growth to slow further
in the near-term, but that slowdown appears to be more modest than
we had initially expected," said Michael Pearce, Senior U.S.
Economist at Capital Economics.
On the inflation front, the report said the annual rate of
growth in core consumer prices crept up to 1.7 percent in the third
quarter from 1.6 percent in the second quarter.
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