US financial expansion revised higher in Q3| MENAFN.COM

Tuesday, 31 January 2023 11:30 GMT

US financial expansion revised higher in Q3


(MENAFN) The US finical expansion for the July- September period was revised higher to 2.9 percent and recorded more than the market forecast, as shown by the Commerce Department’s second reading issued on Wednesday.

Whereas the first reading established on the 27th of October stood at 2.6 percent, the market estimation for the number was to come in at 2.7 percent for the second reading.

"The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending," the department mentioned in an announcement.

The current‑dollar GDP surged 7.3 percent at a yearly rate, or USD450.5 billion, in the July-September period to a level of USD25.7 trillion, which is an upward revision of USD35.7 billion from the prior forecast, it also mentioned.

The price index for gross domestic purchases jumped by 4.7 percent in the stated period– an upward revision of 0.1 percentage point from the earlier forecast.

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