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Financial News: U.S. Economic Growth Unrevised At 2.1% In Q3,

U.S. Economic Growth Unrevised At 2.1% In Q3, Matching Expectations

12/20/2019 - 09:07:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Friday showed U.S. economic growth in the third quarter was unrevised from the previous estimate.

The Commerce Department said real gross domestic product jumped by 2.1 percent in the third quarter, unchanged from the estimate released last month and in line with economist expectations.

The unrevised GDP growth in the third quarter reflects a modest acceleration from the 2.0 percent increase seen in the second quarter.

GDP growth was unrevised as upward revisions to consumer spending and non-residential fixed investment were offset by a downward revision to private inventory investment.

The modest acceleration in GDP growth compared to the previous quarter reflected a smaller decrease in private inventory investment and upturns in exports and residential fixed investment.

Meanwhile, decelerations in consumer spending, federal government spending, and state and local government spending and a larger decrease in non-residential fixed investment helped limit the upside.

The Commerce Department said the increase in GDP in the third quarter reflected positive contributions from consumer spending, federal government spending, residential investment, exports, and state and local government spending.

On the other hand, the growth was partly offset by negative contributions from non-residential fixed investment and private inventory investment as well as an increase in imports, which are a subtraction in the calculation of GDP.

The report said the annual rate of growth in core consumer prices crept up to 1.7 percent in the third quarter from 1.6 percent in the second quarter.

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