US Growth Revised to 3.1% on Stronger Consumer Spending, Exports

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Source: Bloomberg

December 19, 2024 at 8:33 AM EST
Updated on December 19, 2024 at 11:35 AM EST


The US economy expanded at a faster pace in the third quarter than previously estimated, owing in part to to stronger consumer spending and exports.

Gross domestic product increased at a 3.1% annualized rate in the July-to-September period, the third estimate of the figures from the Bureau of Economic Analysis showed Thursday. That compared to a previous projection of 2.8%. Growth in consumer spending was marked up to 3.7% — the fastest since early 2023 — and exports also grew faster than previously estimated, both thanks to services.

The numbers reinforce the notion that the economy is still powering ahead despite expectations among forecasters for an eventual slowdown. The report comes just a day after the Federal Reserve triggered a stock-market selloff by signaling a slower pace of interest-rate cuts in 2025, in part premised on recent stronger-than-expected economic data.

The report also showed one of the Fed’s preferred inflation metrics — the personal consumption expenditures price index, excluding food and energy — was marked up slightly, to 2.2%. November PCE data is due Friday.

Read more: https://www.bloomberg.com/news/articles/2024-12-19/us-gdp-revised-up-to-3-1-on-stronger-consumer-spending-exports

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The U.S. economy grew at a 3.1% annualized rate in Q3, up from the 2.8% rate estimated a month ago.

https://bea.gov/data/gdp/gross-domestic-product


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8:30 AM · Dec 19, 2024