US Q3 GDP revised up to 3.9%

US Q3 GDP revised up to 3.9%

The Commerce Department reported today that the US economy grew by 3.9% annually in the third quarter, which was slightly higher than the 3.7% estimated a month ago. The revisions to real gross domestic product are largely due to higher exports, consumer spending and business investments, which were offset by lower inventory building. Exports of US-made goods and services rose by 6.3%, the slowest increase recorded in the last five quarters. Business investments recorded an increase of 12.9%. In the third quarter, consumer spending increased by 5.1%. Spending on durable goods advanced by 17.2% while spending on non-durable goods showed a rise of 4.8% and spending on services increased by 2.9%.