U.S. real GDP expanded by 2.1% in the third quarter compared to previously reported 2.0% expansion.
- Even though the increase was stronger than initially anticipated, the GDP growth in Q3 still signals a significant slowdown from the 6.7% growth in Q2.
- The upward revisions to the level of consumer spending, private inventory investment, state, and local government spending were offset by downward changes to exports, fixed and federal government spending.
- The decline in the rate of GDP growth in Q3 came as consumer spending expanded by a modest 1.7% after rising by 12.0% in Q2.
The annual growth in core consumer prices, which does not account for volatile food and energy prices, remained unchanged from the estimate of 3.6%, signaling the strong price increases since 1991.
DXY down +0.40%, EUR USD down -0.46%Source: Bureau of Economic Analysis