US Q3 growth revised downwardNovember 23rd, 2011 - 11:41 am ICT by IANS
Washington, Nov 23 (IANS/EFE) US gross domestic product grew at an annual rate of 2 percent in the third quarter, the Commerce Department said Tuesday, revising its initial estimate that the economy expanded at a 2.5 percent rate in the July-September period.
Consumer spending, which in the US represents more than two-thirds of GDP, grew at an annual rate of 2.3 percent in the third quarter, down from 2.4 percent in the first estimate.
The estimate Tuesday is the second of the three estimates that the Commerce Department makes on quarterly economic activity and business investment, which was originally estimated to have a 16.3 percent annual growth and has now been downgraded to a growth rate of 14.8 percent.
The consumer price index measure of inflation remained basically unchanged in the figures reviewed.
But third-quarter advances in retail sales, manufacturing and housing, combined with a reduction in inventories, point to a greater probability that the world’s biggest economy will bounce back to a more vigorous growth rate.
Among the adverse factors still weighing heavily on the US is the fact that 2 1/2 years after the deepest, most prolonged recession in 80 years, unemployment stands at 9 percent and incomes are stagnant, both impediments to consumer spending.
- US economy grew faster than thought in fourth quarter - Mar 01, 2012
- US economy grew 2.5 percent in third quarter - Oct 28, 2011
- US boosts second-quarter growth estimate to 1.3 percent - Sep 30, 2011
- US economy grew only 1.8 percent in Q3 - Dec 23, 2011
- US personal incomes decline - Oct 01, 2011
- US economic growth down to 1.9 percent - May 31, 2012
- US GDP climbs less than expected in first quarter - May 27, 2011
- US economic growth revised down to 1.8 percent - Dec 22, 2011
- US producer prices fall - Nov 16, 2011
- US economy slows in first quarter - Apr 29, 2011
- US productivity up in third quarter - Nov 04, 2011
- US economy slowed in first quarter - Apr 28, 2012
- Japan's GDP growth lowered to 5.6 percent - Dec 09, 2011
- US economy records largest growth in six years - Jan 29, 2010
- Mexico's economy grows 4.5 percent in third quarter - Nov 23, 2011
Tags: business investment, commerce department, consumer price index, consumer spending, economic activity, estimates, gdp, gross domestic product, impediments, incomes, inflation, initial estimate, inventories, probability, q3, recession, retail sales, two thirds, unemployment, vigorous growth