11/29/2023, 2:30 PM (Source: TeleTrader)
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US GDP growth in Q3 revised up to 5.2%

The United States gross domestic product (GDP) jumped 5.2% year over year in the third quarter of 2023, the Bureau of Economic Analysis announced in its second estimate report on Wednesday. The reading was higher than the 4.9% registered in the first estimate.

"The update primarily reflected upward revisions to nonresidential fixed investment and state and local government spending that were partly offset by a downward revision to consumer spending," the agency said.

The price index for gross domestic purchases rose 3%, matching the figure from the initial report. The personal consumption expenditures (PCE) price index added 2.8%, a downward revision of 0.1 percentage point. Excluding food and energy prices, the PCE price index saw a 2.3% increase, down 0.1 percentage point in comparison to the first estimate.

Baha Breaking News (BBN) / AB