According to revised government data, the US economy in the third quarter expanded at an annual rate of 2.1% instead of 2.0%. According to the Wall Street Journal poll, economists expected a 2.2% read.
The Commerce Department said Wednesday that private consumption and personal inventory investment mainly explained the upward revision.The report was a revision of Pre-quote issued last month..
Upward revisions to private consumption and private inventory investment were partially offset by exports, non-residential structures, corporate purchases of equipment and software, and downward revisions to federal spending.
Adjusted pre-tax corporate profit increased by 10.5% in the second quarter and then increased by 4.3% in the third quarter.
Going forward, economists expect US GDP to grow at an annual rate of 4.8% in the fourth quarter of 2022. These figures will be announced in January 2022.
It was ready to fall at the start of trading on Wednesday.
U.S. economy grew at an annual rate of 2.1% revised in the third quarter
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