US July-September (Q3) real gross domestic product (GDP) figures have been revised upwards. Private consumption and corporate capital investment outperformed.
| Key point |
|---|
|
Final data for private consumption increased by 2.3%, a significant upward revision from the revised data (1.7% increase). This reflects heavy spending on services.
The latest GDP data shows that consumer and business demand remains strong despite rising interest rates and high inflation. A strong job market and wage growth have supported household spending, but it is unclear whether this spending momentum can be sustained in the coming year.
The July-September Personal Consumption Expenditure (PCE) Price Index was revised slightly upwards from its revised value, with core excluding food and energy rising 4.7% annually.
Gross Domestic Income (GDI), another key indicator, increased by 0.8%. The National Bureau of Economic Research (NBER) committee that dates business cycles uses the average of GDP and GDI to tag recessions. The average increased by 2% in the July-September quarter.
See table for detailed statistics.
news-rsf-original-reference paywall">Original title:Third-quarter US GDP was revised to 3.2% on stronger spending(extract)
(Add and update stats details)
