US: Real GDP increases at an annual rate of 2.9% in Q3 vs. 2.6% expected
- US Q3 GDP growth got revised higher to 2.9% from 2.6%.
- US Dollar Index stays in red slightly below 106.50.
The United States economy grew at an annual rate of 2.9% in the third quarter, the US Bureau of Economic Analysis reported on Wednesday. This reading came in better than the initial estimate and the market expectation of 2.6%.
"The second estimate primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment," the BEA explained in its publication. "Imports, which are a subtraction in the calculation of GDP, decreased more than previously estimated."
Market reaction
The US Dollar Index recovered modestly with the initial reaction to this report and was last seen at 106.47, where it was still down 0.35% on the day.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
