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Financial News: Spike In U.S. GDP In Third Quarter Unrevised

Spike In U.S. GDP In Third Quarter Unrevised At 33.1%

11/25/2020 - 08:48:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Wednesday showed the spike in gross domestic product in the third quarter was unrevised from the initial estimate.

The Commerce Department said GDP skyrocketed by an annual rate of 33.1 percent in the third quarter after plunging by 31.4 percent in the second quarter. The unrevised reading on GDP matched economist estimates.

The report said upward revisions to non-residential fixed investment, residential fixed investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and consumer spending.

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