|
The US economy grew faster in the summer than previously thought, though it continued to slow from the first half of the year, while the Federal Reserve s preferred measure of inflation was revised a touch lower for the quarter, the Commerce Department said Wednesday.
The department estimated the economy grew at a 2.2 pct annualised rate between July and September, up from the 1.6 pct rate estimated a month ago.
Economists had been expecting about 1.8 pct growth in the third quarter. The economy grew at a 2.6 pct annual rate in the prior three months and at the blistering 5.6 pct rate between January and March.
The Fed s preferred measure of inflation, the core PCE price index, which excludes volatile food and energy prices, rose a revised 2.2 pct in the quarter, down slightly from the 2.3 pct estimated a month ago. The core PCE price index in the prior quarter was 2.7 pct.
Over the past 12 months, the core PCE price index has risen an unrevised 2.4 pct, the sharpest annual rise since the second quarter of 1995.
The overall PCE price index rose a revised 2.4 pct in the quarter, down slightly from the 2.5 pct estimated last month and sharply down from the prior quarter s 4.0 pct increase.
Consumer spending, which accounts for as much as two-thirds of the economy, rose a revised 2.9 pct in the third quarter, compared to the 3.1 pct increase first estimated and following a 2.6 pct increase between April and June.
Final sales rose a revised 2.1 pct in the in third quarter, faster than the 1.7 pct earlier estimated. Final sales also rose 2.1 pct in the second quarter. |
|