Home » Economy » US economic growth revised up to 3.2% in third quarter in show of resiliency
US economic growth revised up to 3.2% in third quarter in show of resiliency
GDP data better than expected in Q3
Q3 GDP data beats estimates. FOX Business’ Cheryl Casone with more.
The U.S. economy grew at a faster pace in the third quarter than previously reported as American consumers continued to spend even in the face of painfully high inflation and rising interest rates.
Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 3.2% on an annualized basis in the three-month period from July through September, the Commerce Department said in its third and final reading of the data Thursday. That compares with the previously reported 2.9% increase.
The change stemmed from a significant upward revision to personal consumption, which rose 2.3% in the final report compared to the earlier 1.7% reading. Services spending was also stronger in the third quarter than initially reported.
Those figures underscore that consumer spending remains solid, despite scorching hot inflation and higher interest rates. Hiring has also remained strong despite growing economic headwinds.
INFLATION EASES MORE THAN EXPECTED IN NOVEMBER TO 7.1%, BUT CONSUMER PRICES REMAIN ELEVATED
EconomyComments Off on US economic growth revised up to 3.2% in third quarter in show of resiliency