WASHINGTON: The US economy expanded 3.2 percent in the third quarter this year, the Commerce Department said Thursday, in a further upward revision of official data.
The world’s biggest economy grew for the first time this year in the July to September period, after two quarters of contraction that worsened recession fears.
It earlier revised estimates to 2.9 percent, annualized – already an improvement from the 2.6 percent figure first reported in October.
Both adjustments “primarily reflected upward revisions to consumer spending” as well as non-residential fixed investment, the Commerce Department said in a statement.
GDP growth was partly offset by decreases in residential fixed investment and private inventory investment, it added.
While consumer spending has been resilient as policymakers try to cool the economy in the face of decades-high inflation, economists expect growth to follow a slower path as moves to ease demand bite.
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