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Financial News: U.S. GDP Rebounds Slightly More Than Expected In

U.S. GDP Rebounds Slightly More Than Expected In Q3

10/27/2022 - 08:44:00 (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 Commerce Department said the rebound in GDP reflected increases in exports, consumer spending, non-residential fixed investment, federal government spending and state and local government spending,

Meanwhile, the report noted decreases in residential fixed investment and private inventory investment limited the upside.

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