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US third quarter GDP growth revised higher (AFP)

WASHINGTON (AFP) – Officials on Wednesday revised the rate of US economic growth in the third quarter up to 2.6 percent from a previous estimate of 2.5 percent.

The upbeat revision points to a improving US recovery driven by higher consumer spending, business investment and stronger exports.

“A slightly stronger Q3 real GDP growth estimate sets the stage for three-percent-plus growth in Q4,” said economist Nariman Behravesh of IHS Global Insight.

“(It) looks like the ‘soft patch’ is over and that growth has broken out of the two percent to 2.5 percent range.”

But not everyone was as impressed.

The adjustment fell slightly short of most analysts’ forecasts of an upward revision to 2.8 percent.

“This morning’s news was not very favorable. We did expect to see a higher upward revision to the GDP, we did not get that,” said analyst Lindsey Piegza of FTN Financial.

“The leading component that we expected to drive that increase, the consumption, was not there,” she added.

This news, US third quarter GDP growth revised higher
(AFP)
extract from US Economy

Short URL: http://www.usnews9.com/?p=5111

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