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Monday, August 15, 2022
HomeNewsEconomyCommerce Department Revises (GDP) 3Q Economic Growth Up

Commerce Department Revises (GDP) 3Q Economic Growth Up

Gross-Domestic-Product-GDP-Reuters
Gross-Domestic-Product-GDP-Reuters

File photo: Shipping cranes and containers at a U.S. port representing exports and imports factored in overall gross domestic product, or GDP. (Photo: REUTERS)

The Commerce Department said on Tuesday that a second reading on 3Q gross domestic product showed the U.S. economy grew at an annualized pace of 2.1%, up from a prior reading of 1.5%. The reading matched Wall Street expectations, and puts expansion for the world’s biggest economy around 2% in the second half of the year.

Businesses accumulated $90.2 billion worth of inventory in the third quarter, up from the $56.8 billion reported last month. As a result, the change in inventories sliced off 0.59 percentage point from third-quarter GDP growth, rather than the 1.44 percentage points initially reported in October.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a 3.0 percent rate, down from 3.2%. The downward current revision was fueled by communication services and utilities.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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