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US Q3 economic growth revised down to 2%

by ChemOrbis Editorial Team -
  • 22/12/2015 (16:59)
According to data from the US Commerce Department, US economic growth in the July-September period was revised down to 2% from the previously estimated growth rates of 2.1%. This is the third estimate for the quarter. Bloomberg economists’ expectations had called for an updated reading of 1.9% compared with the previously reported 2.1% growth.

The downward revision in the economy was led by a smaller increase in inventories than previously forecast while weak external demand and a strong dollar also weighed on the economy. Trading activities subtracted 0.3% from overall growth following a 0.2% contribution in the previous quarter. Inventories, meanwhile, subtracted 0.7% from growth compared with a previous estimate of 0.6%. Household spending, meanwhile, remained stable at an earlier estimate of a 3% gain on an annual basis.

In the first half of this year, the US economy grew around 2.3% after expanding by 2.4% in 2014.
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