Economic Buzz: US Economy Grows By 2.9% In Q3

1 Dec 2022 , 08:31 AM

Revised data released by the Commerce Department on Wednesday unexpectedly showed the U.S. economy grew by more than previously estimated in the third quarter. The report said real gross domestic product spiked by 2.9 percent in the third quarter compared to the previously reported 2.6 percent surge. The upwardly revised jump came after GDP fell by 0.6 percent in the second quarter and slumped by 1.6 percent in the first quarter, signaling a technical recession. The Commerce Department said the stronger than previously estimated growth reflected upward revisions to consumer spending and non-residential fixed investment. Imports, which are a subtraction in the calculation of GDP, also decreased more than previously estimated. Meanwhile, the report said the positive revisions were partly offset by a downward revision to private inventory investment. The Commerce Department also said the annual rate of growth in core consumer prices, which exclude food and energy prices, was unrevised at 4.9 percent in the third quarter.Powered by Commodity Insights