The U.S. economy expanded at an annual 2.1% pace in Q3 instead of 2.0% according to revised government data. Economists were expecting a reading of 2.2%, according to a Wall Street Journal poll.
Consumer spending and private inventory investment mostly accounted for the upward revision, the Commerce Department said Wednesday. The report was a revision of an advance estimate issued last month.
Inflation-adjusted gross domestic product increased as inventories added more than 2.1 percentage points to overall growth in the third quarter.
The median GDP estimate in a Bloomberg survey of economists had forecast a minor upward revision to 2.2%.
The report underscores how a combination of a surge in Covid-19 infections, supply shortages and labour constraints induced a sharp slowdown last quarter in personal consumption.
Recent data, including stronger-than-expected October retail sales, suggest a re-acceleration of spending in the final three months of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The U.S. economy expanded at an annual 2.1% pace in Q3 instead of 2.0% according to revised government data. Economists were expecting a reading of 2.2%, according to a Wall Street Journal poll. Consumer spending and private inventory investment mostly accounted for the upward revision, the Commerce Department said Wednesday. The report was a revision …<\/p>\n","protected":false},"author":13,"featured_media":32108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[7172,8140,6863,194,6987,7860,7099,7908,6858],"class_list":["post-55561","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-consumer-spending","tag-consumption","tag-covid-19-2","tag-gdp","tag-inflation","tag-labour-shortage","tag-spending","tag-supply-chain-bottlenecks","tag-us-economy"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=55561"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55561\/revisions"}],"predecessor-version":[{"id":55565,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/55561\/revisions\/55565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32108"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=55561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=55561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=55561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}