U.S. GDP Climbs By Upwardly Revised 2.1% In Q3
November 24 2015 - 04:13AM
RTTF2
Economic activity in the U.S. increased by more than previously
estimated in the third quarter, according to a report released by
the Commerce Department on Tuesday.
The report said real gross domestic product climbed by 2.1
percent in the third quarter compared to the previously reported
1.5 percent increase. The upward revision matched economist
estimates.
The Commerce Department said the stronger than previously
estimated growth primarily reflected an upward revision to private
inventory investment.
However, the upward revision to GDP growth was partly offset by
downward revisions to consumer spending and exports.
The stronger than previously estimated GDP growth still reflects
a slowdown compared to the 3.9 percent jump seen in the second
quarter.
Chris Low, chief economist at FTN Financial, said, "From the
Fed's perspective, the revision doesn't mean much. It's strong
enough to allow a rate hike, but not strong enough to demand
one."
The Commerce Department said the increase in GDP in the third
quarter primarily reflected positive contributions consumer
spending, non-residential fixed investment, state and local
government spending, residential fixed investment, and exports.
The upside was limited by a negative contribution from private
inventory investment and an increase in imports, which are a
subtraction in the calculation of GDP.
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