US Q3 economic growth revised up to 3.2%
Data showed consumer spending expanded 2.8% on a yearly basis in Q3 from an initial estimate of 2.1%, posting the fastest growth rate since the end of 2014. Despite the expansion in consumer spending, it was still slower than the 4.3% growth recorded in Q2.
Data also revealed that the export growth, which was 10.1%, was also the fastest rate recorded since Q4 of 2013.
However, the contribution of inventories to GDP growth was not as big as previously estimated and stood at 0.49%, below the 0.61% reported last month. This equaled to $7.6 billion rate in Q3, which was almost half of the $12.6 billion reported last month. This suggests that businesses are not sitting on piles of unwanted goods.
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