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11/30/2022, 2:31 PM (Source: TeleTrader)
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US economic growth tops estimates, GDP up 2.9% in Q3

The United States economy grew at a faster-than-expected annual rate of 2.9% in the third quarter of 2022, according to the second estimate published by the Bureau of Economic Analysis on Wednesday. Today's reading came in slightly higher compared to the initial estimate of 2.6%.

The latest data "reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. Imports... decreased more than previously estimated," the report explained.

Consumer spending expanded by 1.7% in the same period, surpassing expectations, with the GDP deflator expanding by 4.3%. Core PCE prices rose 4.6%, with sales climbing 4%. On the other hand, corporate profits fell by 0.2%. Markets projected the data as positive overall, however, today's trade balance figures confirmed downside risks for the final trimester of this year.

Baha Breaking News (BBN) / ND