FOREX TradingCharts.com

Financial News: U.S. GDP Rebounds 2.6% In Q3, Slightly More

U.S. GDP Rebounds 2.6% In Q3, Slightly More Than Expected

10/27/2022 - 09:38:00 (RTTNews)

(RTTNews) - Following two straight quarters of contraction, the Commerce Department released a report on Thursday showing U.S. economic activity rebounded by slightly more than expected in the third quarter.

The report said real gross domestic product shot up by 2.6 percent in the third quarter following a 0.6 percent drop in the second quarter and a 1.6 percent slump in the first quarter. Economists had expected GDP to jump by 2.4 percent.

The rebound in GDP largely reflected a 2.8 percent boost from trade, as exports soared by 14.4 percent and imports, which are a subtraction in the calculation of GDP, plunged by 6.9 percent.

A 1.4 percent increase in consumer spending also contributed the GDP growth, as a 2.8 percent jump in spending on services more than offset a 1.2 percent drop in spending on goods.

The Commerce Department said the rebound in GDP also reflected increases in non-residential fixed investment, federal government spending and state and local government spending, while decreases in residential fixed investment and private inventory investment limited the upside.

"Overall, while the 2.6% rebound in the third quarter more than reversed the decline in the first half of the year, we don't expect this strength to be sustained," said Paul Ashworth, Chief North America Economist at Capital Economics.

"Exports will soon fade and domestic demand is getting crushed under the weight of higher interest rates," he added. "We expect the economy to enter a mild recession in the first half of next year."

The report also showed the annual rate of growth in core consumer prices, which exclude food and energy prices, slowed slightly to 4.9 percent in the third quarter from 5.0 percent in the second quarter.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Employment Jumps By 263,00 Jobs In November, More Than Expected (02 hr(s), 46 min(s), 14 sec(s) ago)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story»

Slovakia Q3 Jobless Rate Falls Slightly (03 hr(s), 19 min(s), 14 sec(s) ago)
(RTTNews) - Slovakia's unemployment rate decreased marginally in the third quarter, figures fr ...Full Story»

U.S. Employment Jumps More Than Expected In November (03 hr(s), 50 min(s), 14 sec(s) ago)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story»

Eurocoin Indicator Falls In November (03 hr(s), 52 min(s), 14 sec(s) ago)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in Novemb ...Full Story»

Brazil Industrial Production Rises Unexpectedly (04 hr(s), 20 min(s), 14 sec(s) ago)
(RTTNews) - Brazil's industrial production expanded unexpectedly in October, after falling in ...Full Story»

Eurozone Producer Price Inflation Slows In October (04 hr(s), 47 min(s), 14 sec(s) ago)
(RTTNews) - Eurozone producer price inflation slowed for the second consecutive month in October r ...Full Story»

German Exports Fall Further Raising Risk Of Recession (05 hr(s), 04 min(s), 14 sec(s) ago)
(RTTNews) - Germany's exports declined for the second month in a row, as the global demand con ...Full Story»

Ireland Q3 Economic Growth Improves Slightly (05 hr(s), 05 min(s), 14 sec(s) ago)
(RTTNews) - The Irish economic growth improved marginally in the three months ended September, aft ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Employment Jumps By 263,00 Jobs In November, More Than Expected

12/02/2022 - 09:42 AM (RTTNews)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story>>

Slovakia Q3 Jobless Rate Falls Slightly

12/02/2022 - 09:09 AM (RTTNews)
(RTTNews) - Slovakia's unemployment rate decreased marginally in the third quarter, figures fr ...Full Story>>

U.S. Employment Jumps More Than Expected In November

12/02/2022 - 08:38 AM (RTTNews)
(RTTNews) - A closely watched report released by the Labor Department on Friday showed employment ...Full Story>>

Eurocoin Indicator Falls In November

12/02/2022 - 08:36 AM (RTTNews)
(RTTNews) - An indicator reflecting the current economic situation in the euro area fell in Novemb ...Full Story>>

Brazil Industrial Production Rises Unexpectedly

12/02/2022 - 08:08 AM (RTTNews)
(RTTNews) - Brazil's industrial production expanded unexpectedly in October, after falling in ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.