US economic growth revised down to 1.8 percentDecember 22nd, 2011 - 11:51 pm ICT by IANS
Washington, Dec 22 (IANS) US economic growth rate was revised down to 1.8 percent in the third quarter of this year, the commerce department said Thursday.
The department attributed the slowdown to a decline in consumer spending, Xinhua reported.
Real personal consumption expenditures increased 1.7 percent in the third quarter, compared with 2.3 percent in the previous estimate.
Economic growth in the July-September quarter was lower than the previous estimate of 2 percent but was still a welcome acceleration from the 1.3 percent in the April-June quarter.
Real nonresidential fixed investment increased 15.7 percent in the third quarter, faster than the 14.8 percent growth in the previous reading, said the department.
Real exports of goods and services rose 4.7 percent in the third quarter, compared with an increase of 4.3 percent in the previous estimate.
Real federal government consumption expenditures and gross investment edged up 2.1 percent in the third quarter, slightly higher than growth of 1.9 percent in the previous reading.
The US Federal Reserve said earlier this month that the US economy had been “expanding moderately” and the central bank expected a moderate pace of economic growth over the coming quarters.
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Tags: acceleration, commerce department, consumer spending, decline, economic growth rate, economy, federal government, federal reserve, government consumption expenditures, gross investment, moderate pace, personal consumption expenditures, quarters, slowdown, us federal reserve, xinhua