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US Q3 GDP revised slightly higher
By Alexander Bueso
Date: Wednesday 27 Nov 2019
LONDON (ShareCast) - (Sharecast News) - America's economy grew a tad more quickly than anticipated during the previous quarter, revised government data showed, even as price pressures declined sharply.
According to the Department of Commerce, US gross domestic product expanded at a quarterly annualised pace of 2.1% during the three months ending in September, edging past economists' forecasts for an increase of 1.9%.
It was also a slightly faster pace of growth than the 2.0% that was recorded over the previous three-month stretch.
"Faster inventory-building and a smaller plunge in business investment in structures accounted for all the revision," explained Ian Shepherdson, chief economist at Pantheon Macroeconomics.
On the inflation front, the rate of increase in the price deflator for personal consumption expenditures slowed from a 2.4% clip in the second quarter to 1.5%.
However, at the core level, PCE inflation picked up from 1.9% to 2.1%.