BUSINESS-ECONOMY
The US economy expanded faster in the third quarter than originally estimated, according to government data released Thursday, despite analysts' expectations that growth would remain unchanged. The world's biggest economy grew at an annual rate of 3.1 per cent in the July-September period, up from earlier estimates of 2.8 per cent, the Commerce Department said. This was due to "upward revisions to exports and consumer spending," the report said, although it noted that the increase was partially offset by a downward revision to private inventory investment. Also read | UK economy shrinks again in October, raising recession fears In the second quarter, GDP growth was 3.0 per cent. The US economy has shown resilience even as consumers drew down on savings from the COVID-19 pandemic period and grappled with higher interest rates as the Federal Reserve battled to rein in inflation. Consumer spending in particular has been a key factor behind growth—even as Americans felt the pinch from higher costs of living—supported by a relatively healthy jobs market. "Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending," the Commerce Department said on Thursday. A consensus estimate pegged third quarter GDP growth at 2.8 per cent initially, unchanged from before, according to Briefing.com. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience. None
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